Two big deals dominate December land sales

Two huge plots of land with a combined area of almost three football fields was sold in Dubai during the first half of December.

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By  Eudore Chand Published  December 30, 2003

Two huge plots of land with a combined area of almost three football fields was sold in Dubai during the first half of December. The size of the two plots, measuring more than 200,000 Ft² and 114,147 Ft² respectively, indicates that huge new developments could be planned on the as-yet vacant plots of land. The first and smaller of the two plots is well within the city limits in the Oud Metha area, according to the statistics published by the Dubai Land Department. The authority registered the sale of the 114,147 Ft² of vacant land on Monday December 8 at a value of Dhs43 million. The price at which the land changed hands stood at Dhs376 per Ft². Oud Metha already hosts the upcoming Dubai Healthcare City and other medical facilities, educational institutions and the Leisureland complex. The second and larger plot measuring 200,260 Ft² was sold in Al Quoz Industrial Area 1. The plot changed hands for Dhs90 per Ft². The total value of the deal is thought to be over Dhs18 million. These two big sales were the highlight of December’s first half land transactions in Dubai. Together, the deals account for more than 23.5% of all land sold in the half month. In value terms, the day accounted for more than 35.5% of all sales and over 26% of all Dubai Land Department Transaction, including sales and mortgages in the first half of December. Consequently, together with mortgages registered, December 8, with more than Dhs90.59 million, accounted for just below 30% of all Dubai Land Transactions. The first half of December saw total land transactions worth over Dhs303.67 million. Transactions were registered over just nine working days because of the UAE National Day holiday. Of the total sales accounted for more than 73% and were registered at Dhs223.85 million. Mortgages contributed another Dhs79.83 million and accounted for over 26% of total sales. Some 1.9 million Ft² of property changed hands at prices ranging from a low of Dhs33 per Ft² to a high of Dhs700 per Ft². The highest rate was paid for an 8466 Ft² plot of land at Al Muteena area in Dubai. It cost the buyer Dhs5.93 million. The lowest area of land sold was 94,572 Ft2. It accounted for below 5% of the total land that changed hands in the first half. The lowest daily sales were on December 6 at just Dhs6.65 million or just below 3% of the total sales and just over 2 % of all transactions. The highest mortgages were recorded on December 6 for Dhs24.5 million or over 30.5% of all mortgages and over 8% of total transactions.

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