Land department records high sales

21/08/2009 - Dubai Investment News
Land department records high sales

In news that may be of interest to those with Dubai property investments, land sales reached 1.93 billion dirham (£182 million) last week.

According to figures released by the Land Department, the emirate registered 42 sales that week, with Trade Centre-2 seeing the highest turnover and the Emirates Hills-3 region having the most sales.

The latter saw ten transactions over the seven-day period, which was twice the number of the nearest competitor, Ranches.

Mortgages in this period reached a high of 838.3 million dirham, according to Gulf News, which may be positive news for those with Dubai property for sale.

Some 336 apartments and villas were sold, along with 223 mortgages in the freehold areas of the country, worth some 192.08 million dirham.

Most of the transactions were for apartments, numbering 305 altogether.

This follows a Landmark Advisory statement to Emirates Business 24/7 that indicated Dubai's property market is showing signs of recovery.