Posted by Neil King
A total of AED 117 billion in real estate transactions was registered at Dubai's land department for the first five months of 2010, new research shows.
According to figures compiled by the department's real estate data and research section, the highest number of transactions involved sales and mortgages raised against real estate.
The records showed 3,462 sale transactions were registered in the period, with a total value of AED 25 billion and a combined area of 62,815 sq ft.
In addition, 3,570 mortgages were registered during the five months with a combined value of AED 32 billion against a total area of 95,460 sq ft.
It was also revealed that buyers spent AED 29 billion on apartments and funded an additional AED 8 billion of spending on this type of housing through mortgages.
Earlier this week, it was reported that Dubai has been selected to house a regional branch of the Irex Group, the world's first global real estate securities exchange.