Tuesday, August 07, 2012

Dubai realty market records highest unit sales in July 2012

The real estate sector in Dubai has recorded the highest ever unit sales and total unit value this July, in comparison to any other months so far, as per the latest data by Dubai Land Department.

A total of 1,767 transactions were recorded during the month, with a total of 193,629 sq m or more property units sold.

In-line with latest trends, the top performing areas have been Downtown, Dubai Marina and Jumeirah Lake Towers, with combined value of transactions from these accounting to 67percent of total value of unit transactions during the month.

According to Managing Director of Harbour Real Estate in Dubai, Mohanad Alwadiya, the market is certainly recovering, and there is increased confidence. The latest reports are showing healthy profits and renewed activity with several lead developers active in the market and industry seems more vibrant now.
Emaar had announced an 82 percent surge in its first half profit for the year 2012, apart from expressing renewed interest in developing a townhouse project in Dubailand.

Nakheel also reported a strong profit growth, marking 36 percent increase in its first half profit in 2012, in comparison to that of 2011. The company also plans new developments based on resurgence in demand for Dubai property.

On the whole, there is increased optimism and confidence in the market and the growth trend seems very exciting, Alwadiya said.

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