| 14 Apr 2008 |
|
Dubai property transactions rise 10,000% in Q1
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The value of registered real estate transactions in Dubai in the first quarter of 2008 was Dh3.7 billion, which is almost 1,000 times the sales figures registered for the same period last year, the Dubai Lands Department (DLD)Dubai Lands Department (DLD)
has revealed. Statistics from the DLDDLD
show that property worth only Dh38 million was registered in the first quarter of 2007, which makes the increase in 2008 worth 10,000 per cent. The DLDDLD
said the number of apartments registered since the beginning of 2008 has been the highest ever for a quarter. The value of apartments was more than Dh2.8bn, while villas, at Dh815m, made up the rest of the property registrations so far this year. During the same period of 2007, the value of apartments and villas registered did not exceed Dh32m and Dh5m, respectively. Mohammed Sultan Thani, Assistant Director-General of Excellence and Organis-ational Governance at the DLDDLD
, said the registration figures account for perhaps 25 per cent of the total apartments and villas being sold in Dubai. The value is set to increase, as the DLDDLD will soon receive more applications for registration, he said. Thani said the DLDDLD
keeps calling on developers to register their properties, whether apartments or villas. He also appealed to landlords and buyers to request developers to register properties to ensure owners' rights.
Last December, the DLDDLD
had warned landlords and developers against delaying the registration of their properties. Thani said the DLDDLD had given a grace period to developers and owners to register their properties, after which the department will register all properties at their prevailing market value instead of the price mentioned in the sale contract. Meanwhile, the total value of land sold in Dubai since the beginning of 2008 went up more than Dh44bn, registering a growth rate of 144 per cent over the previous year, according to the DLDDLD
. By Hamed Al Sewerky
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