The total value of real estate transactions in Dubai grew 63 percent to Dh.44bn during first quarter of 2013, in comparison to same period last year, revealed data from Dubai Land Department (DLD).
The transaction numbers touched 14,260 at a rate of 223 per day and 32 per hour with “impressive” growth registered in the residential and commercial sector.
Dubai Marina took the lead in terms of value of transactions, registering 2,079 transactions worth Dh.3.5bn as total value of residential transactions touched Dh.13.9bn.
Last year, the total value of property transactions grew 8 percent, touching Dh.154bn, in comparison to Dh.143bn in 2011.
The UAE nationals topped list of investors in 2012, while Indians were the second topmost among list of property buyers.
The total investments by GCC, Arab and Foreign investors stood at Dh.58.6bn with total number of investors touching 18,635, while foreign investors number 13,573 invested Dh.36bn in the market.
The Director-General of DLD, Sultan bin Mijrin, said that Dubai real estate market has shown durability and flexibility when it comes to dealing with requirements of investors, with the past three months showing a new breed of investors entering the market in order to capitalize on opportunities that have arisen on the eve of price correction seen in the market over the past two years.
Leading global property consultancy, Jones Lang LaSalle, in its first quarter report this year, said that selling prices of Dubai properties were 18 percent higher in the first quarter of this year, in comparison to the year earlier.
The real estate prices and rentals in Dubai grew for the 16th consecutive month in March, continuing steady recovery in the sector, said Deutsche Bank.