The latest DLD data corresponds with that released earlier this month from Hamptons MENA which also stated that the value of transactions had risen.
- The first 9 months of 2012 saw more than 27,000 transactions
- The value of transactions reached DH83 billion
- Sales accounted for 52% of the transactions
The Dubai property market has thrived throughout 2012 so far with the summer slowdown not having a particularly negative effect as many expected.
An array of surveys and data from numerous resources have highlighted the fact that sale prices, demand and rental rates have all risen over the course of this year with property transactions being another factor that has portrayed the vast improvement in Dubai after the financial crisis.
Yesterday, a senior official in the Dubai Land Department (DLD) stated that the value of property transactions in the emirate have reached a total value of DH83 billion. There were a total of 27,452 transactions in the first nine months of the year equating to 150 deals a day and 20 per hour.
Director General of the DLD, Sultan Butti Bin Mejrin said: “The 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 9 months.”
He added that first time investors had also returned to the market and that prices in Dubai had taken an ‘upward trend’ over the past few months ‘due to the demand and purchase transactions of land, villas and apartments in certain distinguished projects in Dubai’.
Sales accounted for 52 percent of the total transactions in the first three quarters whilst mortgages accounted for 44 percent with a value of DH43 billion.
Earlier this month it was revealed by Hamptons MENA that the value of property transactions in Dubai had risen by 106 percent with the number of transactions rising by 69 percent on an annual basis from 2011 to 2012 so the latest figures to come out of the DLD further confirm these figures and emphasise the effective recovery of the Dubai property market from the financial crisis.