Dubai Property Sales Hit £14 Billion

By Investments
Dubai Property Sales Hit £14 Billion

Property and land sales in Dubai hit a total of £14 billion in the first nine months of the year, according to the latest official figures.

Almost 27,500 transactions were recorded by the Dubai Land Department at the rate of around 150 a day.

Many of the increasing number of sales were to property investors returning to the United Arab Emirates market after a prolonged downturn in prices.

Department director general Sultan Butti Bin Mejrin explained that most were first time investors keen to take advantage of low property prices in comparison with the boom times of five years ago.

He also pointed out that prices were rising in Dubai.

Apartments outsell villas

The nine month results revealed two-thirds of the transactions were on land sale and mortgages, while sales and mortgages on apartments outstripped those on buildings and villas by 86%.

The Land Department has also launched two new initiatives – an arbitration service to mediate property disputes and an online real estate licence service.

The Dubai Real Estate Arbitration Centre will work as an independent ombudsman to resolve disputes over property by internationally recognised real estate arbitrators accredited by regional and international arbitration centres.

The e-licence service is for registered estate agents to access information online rather than visiting the Land Department offices. Estate agents can administrate their accounts via the web and print off copies of ID cards, licences and other official documents.

Property dispute arbitration

“Property transactions have become more mature and the investors are now much more aware. The market offers multiple choices and Dubai property sector showed high flexibility in dealing with investors’ requirements and trends during the first nine months,” said the sultan.

“Dubai’s real estate market has become one of the most developed and sophisticated markets due to the large number of dealers and clients. Now, there is an urgent need to settle real estate disputes in a smooth and fast manner.

“The new centre will enhance mutual trust between the concerned parties in the real estate market, provide real estate consultations and legal advice in terms of real estate arbitration along with providing awareness of the laws and regulations on property transactions.”

Meanwhile, luxury property rents in Dubai increased by more than 3% in the first half of 2012, according to the latest edition of the Knight Frank Prime Global Rental Index.

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