Huge increase in Dubai land prices

Dubai Land Department reports that land prices went up by nearly 64 per cent, the department’s price index reveals that 2006 was a bumper year for land purchases in Dubai. However all may not be what it seems with analysts suggesting that land bought in prime areas may be responsible for the huge leap in average land prices. Land prices in Dubai were seemingly inflated by property sales in Emirates Hills, Barsha and Mirdiff.
In an interview with Mohammad Thani, development and marketing director for the Dubai Land Department said “In 2004, people were looking for vacant residential land. In 2005, they were looking for residential buildings to purchase. In 2006, we found out that investors are now looking for built commercial buildings because the return on investment is faster,”
Overall, the average land transaction has risen over the past three years. In 2004, the average purchase price for a property was Dh4.3 million, but that rose swiftly to Dh6.4 million in 2005 and jumped again to Dh7.3 million last year.
The department’s year-end review found that land sales grew 18 per cent to reach Dh18.64 billion mark overall with the highest volume of sales recorded in Emirates Hills, Barsha and Mirdiff. The value of mortgages also rose to 170 per cent above the year before, to Dh40.59 billion.
The Dubai Land Department recently announced a move toward greater regulation with a new bylaw that will ban uncertified brokers from registering transactions. The Department will no longer register transactions carried out by real estate brokers who have not been certified under its new scheme. The Department now certifies all local real estate brokers in its bid to control a fully professional framework for transactions involving Dubai land.
Damac Properties confirmed how active the Dubai property market is as it announced that it has sold 75% of La Residence at the Lotus, the company’s first residential tower in Dubai’s Business Bay in less than two months since it was launched. The 58 storey tower will contain one, two and three bedroom apartments
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