During the first half (H1) of 2016, Dubai saw a AED 113 billion ($30.7 billion) sum, in real estate transactions, according to a government announcement, Arabian Business reported.
The total figure was a net outcome of 28,251 transactions, through mortgages, sales and other deals, according to Dubai Land Department (DLD)’s latest Transactions Report, issued by the Real Estate Research and Studies Department.
Compared to the first six months of last year, the figure shows a 16% drop, as in H1 of 2015, Dubai saw a sum of 23,000 transactions, worth AED 129 billion ($35.1 billion), according to a press release.
A recorded 43% of the total transactions have been reported to be the result of property sales worth AED 48.715 billion ($13.2 billion) out of 20,000 transactions.
Mortgages stood at 6,391 transactions in exchange for AED 48.366 billion ($13.1 billion), accounting for 43% of the total transactions.
As for grants, right-to-benefit and long-term lease transactions, they recorded AED 16 billion ($4.3 billion) for 1,844 transactions.
“Dubai has achieved a high percentage of growth with the value and number of real estate transactions, which provides reassurance on the positive developments the Dubai property market is witnessing, and proves the attractiveness of the emirate’s real estate,” said DLD Director-General, Sultan Butti Bin Merjen, according to Look Up.
Over Q2 of 2016, Dubai’s property market saw a 1.1% drop in residential prices, according to ValuStrat’s recent price index.