Dubai records mortgages on three land plots worth AED 2.15 billion
Dubai real estate recorded mortgages on three land plots worth AED 2.15 billion, bringing daily mortgage value to AED 2.86 billion across 215 deals.
Dubai's real estate market today recorded mortgages on three land plots with a total value of AED 2.15 billion, according to data from the Dubai Rest app affiliated with the Dubai Land Department.
Zabeel Second recorded a mortgage on a plot of land for commercial use with an area of 308.57 thousand square feet, at a price of AED 3,017.1 per foot, with a total value of AED 931 million. Meydan recorded a mortgage on a commercial land plot with an area of 359.862 thousand feet, at a price of AED 2,273.09 per foot, with a value of AED 818 million.
In Jaddaf Waterfront, a mortgage was recorded on a land plot worth AED 400 million, with an area of 76.881 thousand square feet, at a price of AED 5,202.82 per foot. The total value of mortgage registrations during today's trading reached AED 2.86 billion across 215 deals, including 124 deals for residential units, 33 deals for buildings and 58 deals for land.
Dubai Rest data shows the large mortgages concentrated in land with commercial use, while the remaining deals were distributed across residential units and buildings.
What do these terms mean?
Dubai Rest: an app affiliated with the Dubai Land Department that displays data on registered real estate deals and mortgages.
Mortgage: placing a property as collateral to obtain financing; it is registered in favour of the financing entity until the obligation is paid.
Commercial use: a classification that allows land to be used for commercial or office activities instead of residential use.
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