Dubai Land Department: Dubai property sales up 50% in October
The total value of Dubai apartment and villa sales in October increased by more than 50% compared to the previous month, according to Dubai Land Department statistics.
Referring to the figures, Hamad Buamin, Director General of the Dubai Chamber of Commerce and Industry stated the total sales value of Dubai apartments grew by 34% and villas by almost 70% compared to September. Furthermore, Buamin stated the value of land deals almost doubled in the same time period.
These findings support the revelation today of economic analysts’ opinion that the Dubai property market has bottomed out with a recovery expected in 2010. Speaking at a panel discussion in Dubai, Neven Hendricks of Deloitte Corporate Finance Ltd explained factors behind the recovery:
“You will see a loosening of credit in 2010 and you will find more buyers in Dubai who have a long term interest in the future of Dubai. Those buyers will come back into the market and that will encourage property values”
These findings and expert opinion suggest Dubai property owners can expect to witness an increase in the value of their property and once again present Dubai as an exciting investment proposition.
Source: Arabian Business