Business Bay edges out Dubai Marina as top investor choice

DUBAI, UAE - April 29, 2015 - PRLog -- Dubai: Business Bay was firmly established as the most popular buyers’ choice in Dubai during the first quarter, accounting for Dh1.84 billion in the first quarter from 1,202 transactions, ahead of Dubai Marina, which had Dh1.81 billion but from only 524 deals. In terms of deals done through mortgages, Dubai Marina was tops during this period, with 226 transactions valued at Dh444 million.

Meanwhile, there were 123 nationalities in the 8,650 investor led property deals during the first quarter. Gulf-based nationals accounted for Dh9 billion, non-Gulf Arabs contributed Dh3 billion, and foreign nationals Dh12 billion.

Nine Hundred and eighty Emirati investors made up Dh5.79 billion of the investment pot, followed by Saudi nationals with Dh1.89 billion.

Of non-Arab nationals, 1,293 Indians had the highest share with Dh3.04 billion in transactions, followed by Pakistanis, from whose ranks 953 investors weighed in with Dh1.392 billion.

These are based on numbers released by the Dubai Land Department on the overall level of activity within the emirate’s property market during the first three months, and is inclusive of plot sales outside of the freehold zones.

In all, the deal-making took in just over Dh64 billion through 11,603 transactions. And specifically regarding properties, the investment size came to Dh24 billion and involved 8,650 investors.

Other land usage

Commercial land (defined as those already built on) had the dominant share in value terms for the type of land, with 57 per cent of the total and amounting to Dh30 billion. Other land usages include those for agriculture, development of industrial projects, exhibition venues, hotels and residences.

Specific to areas, Al Yafra 2 was had the highest transactional activity, in terms of land value sales, with Dh1.46 billion from 614 deals. This was followed by Al Hebya Al Thaletha with a total of 307 transactions worth Dh994 million. Al Warsan came in third with 161 transactions worth Dh357 million.

In terms of land deals involving mortgages, Al Barsha South 1 was placed first through 289 transactions worth Dh291 million, followed by Al Thunaya 4 and Al Thunaya 5.

According to Sultan Butti Bin Mejren, Director-General of Dubai Land Department, “The figures are showing a well-established trust in our real estate market.”