The total value of property transactions in Dubai crossed Dh 83 billion ($22.8 billion) in the first nine months of the year with Burj Khalifa area topping the list of most traded areas in units terms, according to Dubai Land Department.
The total transactions from January to September stood at 27,452 with cash sales crossing Dh43 billion and mortgage sales touching Dh36.3 billion for all kinds of properties. In August, the department had reported property transactions reached Dh63 billion in the first half of 2012. In 2011, a total of 35,297 real estate transactions of Dh143 billion were reported as against Dh123 billion in 2010.
Wadi Al Safa 5 topped the list of traded areas in term of land transactions with 403 deals during the first nine months of 2012, while Burj Khalifa took the number one spot on the list of most traded areas in units terms with 3,305 sale transactions.
Sultan Butti Bin Mejrin, Director General, DLD, in a statement, revealed the price indication took an "upward" trend during the past few months due to the demand and purchase transactions of land, villas and apartments in certain projects in Dubai.
"The market offers multiple-choices and Dubai property sector showed high flexibility in dealing with investors' requirements, most notably first time investors who seek to benefit from investment opportunities that emerged due to price correction witnessed by the market over the past two years."
The lion's share of total transactions was dominated by sale with 20,925 transactions at the value of over Dh43 billion.
In September, Cluttons said price of apartments in Dubai have risen by nearly five per cent since the beginning of 2012 and the trend is likely to continue. It said apartments have increased in value an average 4.9 per cent in 2012, while rental values increased 6.8 percent.
Earlier this month, Knight Frank Prime Global Rental Index revealed that prime rents in Dubai rose by more than three per cent in the first half of 2012. Rental values jumped by 3.3 per cent between January and June and by the same amount over the past year. The index showed rents had gone up by two per cent in the second quarter of 2012, placing Dubai ninth in the index of 16 countries.