Southern Dubai land sales boom

Property transactions are booming in Dubai, according to the figures released by the Lands Department. However, most of the sales are taking place in newly developed localities where there are still plots enough to change hands.

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By  Eudore Chand Published  December 1, 2003

Property transactions are booming in Dubai, according to the figures released by the Lands Department. However, most of the sales are taking place in newly developed localities where there are still plots enough to change hands. In older parts of the city, and especially the downtown areas, sales are limited. But, buildings are changing hands on a mortgage basis, often at sums much higher than those that have been recorded for outright sale. Property sales are mostly in the newly developed localities of Mizhar, Mirdiff, Muhaisanah, Barsha, Towar and Nad Al Hamar and these are mostly in terms of vacant plot. Old type Arabic houses and villas are being sold and bought in Satwa, Umm Suqiem, Rashidya and Hor Al Anz. Deira appears to be a favourite for mortgage deals with properties in Abul Houl, Hor Al Anz, Muraqqabat, Port Saeed and Souq Al Kabeer, in prominence. Plots being sold are generally in the area of 15 000 ft2. Prices per feet vary from as low as Dhs40 at Al Warqa IV to as high as Dhs1200 in the Port Saeed area. Al Barsha area is fetching at Dhs52-65, while Mirdiff is tagged at about Dhs95-125 per ft2. However, some transactions at Mirdiff have cost the buyer Dhs240 per ft2.

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