Single-day land transactions in Dubai touch record $140 mn

July 30th, 2008 - 11:16 am ICT by IANS  


Dubai, July 30 (IANS) Land transactions in Dubai in a single day have touched a record 515.61 million dirhams ($140.3 million), with sales totalling 224.77 million dirhams ($61.2 million). The total value of mortgages during the period was 290.84 million dirhams ($79.2 million), the state-run Emirates News Agency (WAM) reported citing figures released by Dubai’s Land Department.

A total of 20 sale transactions were registered with the department by the end of Tuesday, the most valuable of which was a plot in Al Barsha Third area in the city that was sold for 20 million dirhams ($5.4 million).

The next two most prominent sales saw a second plot in the Mirdif locality, which was acquired for a sum of 7.5 million dirhams ($2.04 million) and another in Al Barsha Third for 7.275 million dirhams ($1.9 million).

During the day, 24 mortgages worth 216.75 million dirhams ($59 million) were registered, the most significant of which was 39.16 million dirhams ($10.6 million) for an area at Al Warsan First, the WAM report said.

This metropolis on the Gulf is witnessing unprecedented construction activity as it builds itself up as a global financial centre.

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