Property investment on the rise in Dubai

26/03/2010 - Dubai Property News
Property investment on the rise in Dubai

Posted by Bob Brunskill

More businesses are becoming interested in Dubai property investment, new figures from the United Arab Emirate's (UAE's) government have suggested.

The Dubai Land Department has said that 1.42 billion dirham (£114 million) of land transactions were carried out in the state last week and a 75 per cent rise in property lending was also experienced compared to the same period in 2009.

Some 558 million dirham in mortgages was exchanged over the last seven days, with one property in Nad Al Shibasold for over 34 million dirham, the government body reported.

The current most popular area for property investment in Dubai is the Ranches, situated on Emirates Road, and Wadi Al AMardi which saw nearly 324,000 sq ft of land snapped up by investors, making it the region with the most land sold.

A seminar hosted by the British Council recently suggested that the UAE is leading the way in entrepreneurial development in the Arab world by creating a culture of innovation and initiative.