Saturday, March 01, 2008

Real estate sales peaked to Dh 1.16bn last week

Real Estate Sales in Dubai last weeks peaked to Dh.1.16bn, reveals Dubai Land Department.

Al Warsan First recorded the highest sale for a plot with Dh.39,500,500 followed by Al Farsan First at Dh.35,000,000 for the sale of a building.

The villa sales for the week were done at Emirates Hills Third. The total value of land sales recorded, was the highest on 27th February 2008, Wednesday, at Dh.279,475,904.

The combined value of plot sales, flat-sales and villa-sale for the period was Dh.715.9mn, Dh.114.8mn and Dh.18.36mn respectively.

The Construction sector in Dubai, in the meanwhile, is well up-to-the mark, and is on par with the surging demand for space in the emirate.

Trakhees, the Civil Engineering Department of Ports, Customs and Free Zone Corporation has issued an average of 250 permits per day for construction of buildings in Dubai last year.

The Managing Director of Trakhees, Nazek Al Sabbagh, said "The growth in construction sector of Dubai, is ahead of demand, and recorded significant growth last year. Dubai is a world-class city which will see numerous state-of-the-art buildings in days to come."

Also, with the maturing markets of Dubai real estate and construction sectors, the emirate witnessed a considerable drop (from 30% in 2006 to 10% in 2007) in number of construction violations during the past year.

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