The total value of land transactions in Dubai in 2007 hit AED175 billion, a 170 per cent increase from AED62 billion in 2006, according to the Real Estate Regulatory Agency (Rera). As many as 83 per cent of land-owners are from the UAE, while four per cent from the AGCC and the remaining 13 per cent from around the world.
Rera figures show the average deal in 2007 was AED12 million, 65 per cent up from AED7 million in 2006
Rera figures show the average deal in 2007 was AED12 million, 65 per cent up from AED7 million in 2006
About 30 per cent of the land transactions was generated from ‘new’ procedures, such as al-ijara (shariah bond), and flat and apartment registrations. The total value of all sales, including ijara sales reached AED54 billion. This figure is a massive 190 per cent increase from 2005, where the total value was AED18 billion.
Also, total mortgage transactions hit AED106 billion in 2007, highlighting a 161 per cent growth from AED42 billion in 2006. The top three biggest mortgage deals were in Arabian Ranches, Nadd Al Sheba and Emirates Hills.
