UAE – Mubasher: The total value of real estate transactions in Dubai, including purchasing and financing completed and under-construction commercial and residential properties, amounted to AED 95.2 billion in the first five months of 2019, rising 35% year-on-year.

The total value of land plots, villas, residential and commercial apartments surpassed AED 61.1 billion, including AED 56.7 billion for the lands, AED 1.2 billion for villas, and AED 3.2 billion for the residential and commercial apartments, according to Al Bayan newspaper.

Moreover, the total real estate transactions in the GCC emirate valued at more than AED 34.1 billion during the five-month period, including AED 13.8 billion for the land plots.

Meanwhile, the villas stake amounted to AED 2.8 billion of total transactions, while the residential and commercial apartments accounted for AED 17.5 billion.

The Central Bank of the UAE previously said in a report that the prices of properties in Dubai declined by 6.4% in 2018, while the leasing return shrank at an annual rate of 6.86%.

The average price of square metre in the emirate’s real estate market stood at AED 12,918 last year, compared to AED 13,803 in 2017, the bank added.

According to Dubai Land Department (DLD), the real state sector in the emirate saw deals worth around AED 10 million and investments worth AED 45.6 billion in 2018.