Dubai property sales expected to hit Dh100bn today

04/10/2011 - Dubai Property News Posted by Neil King
Dubai property sales expected to hit Dh100bn today

Property for sale in Dubai is expected to reach the Dh100 billion mark today (October 4th).Figures from The Dubai Land Department (DLD) will surely provide a huge boost of confidence among property investors in Dubai as the milestone is ten per cent up on sales recorded by this point last year.Mahmoud El Buri, DLD senior director of the Real Estate Development Department, told Emirates 24/7 that by the end of the year it is expected that total sales transactions will have reached Dh140 billion.This compares to Dh123 billion in sales of Dubai property last year.Meanwhile, statistics cited by Reuters last week reveal that Dubai's economy grew by a positive 2.8 per cent in real terms in 2010.To further boost property investment and in turn boost the economy, the DLD has launched a real estate developers' governance charter in order to attract more foreign investment."Given the importance of the real estate sector internationally, the corporate governance plays an important role in attracting local and international investors," Mr El Buri explained to the news provider.