Published: 9th September 2013
There was some further good news this week, as the Dubai Land Department released new figures showing a marked increase in transaction values throughout the emirate in 2011 compared with the previous year. The figures, which demonstrated an increase of over 20% in Dubai property transaction values over the period, provide further substance to the growing theory that the Dubai property market is maturing, and moving away from the boom-bust scenario seen in recent years.
According to the Dubai Land Department, there were a total of 35,297 property related transactions in Dubai in 2011, including mortgages and sales. These transactions totalled AED143 billlion (£25 billion), with mortgages increasing by over 12% in comparison with the previous year. The sales of apartments in Dubai accounted for approximately AED27 billion, whilst sales of villas were just over AED4 billion.
Sultan Butti Bin Mejrin, Director General of the Dubai Land Department went on to say that the new figures point to a 'return to normality' for the Dubai property market, and that a robust recovery was a distinct possibility in the near future.
Whilst the figures do represent further good news for the UAE property sector, it is likely that investors will remain cautious for the foreseeable future.
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