Thursday, September 27, 2012

Dubai records 21% increase in land transactions in H1 2012

A total of Dh.63bn worth land transactions have been recorded in Dubai during first half of this year, marking a 21 percent growth, the Dubai Land Department revealed.

The total number of property transactions in the first six months of the year increased by 24.5 percent, touching 12,521 in number, said statement from Hamptons MENA.

As per reports by Real Estate Investment Promotion & Management Centre at the Dubai Land Department, the foreign direct investment in real estate sector of Dubai was more than Dh.22bn during first half of the year, with investors from across the world purchasing more than 12,875 properties.

The number of property transactions in Dubai grew by 69 percent during the first half of 2012, in comparison to same period last year, which indicates the strong growth trends in the realty sector.

The increase in buyer numbers, than seller numbers, all through the year, reflects the strong demand, which in turn, will leave a positive impact on prices, and benefit the investors, said Niraj Masand, Head of Operations at Hamptons MENA.

Highest demand is seen in established communities such as Dubai Marina, Emirates Living, and Downtown Dubai. There is also considerable drop in distress sales, and a positive growth outlook for property sector.

Masand also said that increase in market prices for properties in well-established communities is expected over the coming months, led by continued demand. Prime developments have recorded moderate gains in price, and rental appreciation, and this trend is likely to continue through the year.

Hamptons MENA offers a range of property services including residential, commercial property sales, property management, including at the international level.

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