While this phenomenal 174 per cent jump in land sale value, came as a strong endorsement to the upbeat long-term prospects of the emirate's real estate sector, the year 2005 also started with a bang with January sales recording an all-time monthly high of Dh1.65 billion, indicating an year-on-year surge of 83 per cent.
The month also recorded the highest number of new land deals — 344 transactions compared to 238 for the same month in 2003, signalling the flow of more investments this year into the booming sector.
In 2004, new land deals registered by the Dubai Lands Department rose some 34 per cent to 2782 plots — from 2066 plots sold in 2003.
In comparison to 2003, the value of total land disposals in Dubai, including new land sales, mortgage deals, and free land allotments, also shot up.
According to Dubai Land Department statistics, total value of land disposals surged to Dh26.5 billion from Dh12.56 billion in 2003, recording more than two-fold increase. While mortage transactions in 2004 rose in value to Dh9 billion through 1,311 deals, the sector also witnessed a similar surge in mortgage redemption transactions.
In 374 deals, the value of mortgage releases rose to Dh2.8 billion while the number of land plots gifted in 2004 rose to 424.
In 2004, June witnessed the most hectic land sales at Dh1.32 billion. Other months which registered land sales in excess of Dh1 billion include March (Dh1.05 billion), May (Dh1.04 billion), July (Dh1.15 billion), October (Dh1.06 billion), and December (Dh1.29 billion).
In the first six month of 2004, there was major a surge in the number of real estate transactions. The two biggest deals took place in the Trade Centre area, where an area of 40,000 square feet went for Dh109 million, and another plot was sold for Dh100 million. The third biggest transaction was in the Mankhool area, where an old building spanning a sizeable area was sold for Dh36 million.
Property analysts say that Dubai's property sector, currently the most buoyant in the AGCC, with projects worth an estimated Dh300 billion scheduled over the next 10 years, will sustain the upswing with international and regional investors making a beeline to be part of the emirate's breathtaking boom. "With the launch of projects that are unmatched in scale in size and scope for investment, the sector is bound to grow this year at an even bigger pace," they pointed out.
In January this year, the area that witnessed the most number of plot transactions was Al Barsha First with 91 plots valued at Dh608.29 million, followed by Mirdiff, selling 41 plots valued at Dh103.4 million. Al Barsha continues to be most sought-after area for buyers in February with more than 30 plots worth Dh173 million soled in the first half of the month.
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