Dubai's residential apartment sector attracts strong investor interest

19/01/2011 - Dubai Property News Posted by Bob Brunskill
Dubai's residential apartment sector attracts strong investor interest

The total value of real estate transactions in Dubai reached AED 123 billion last year, new figures show.

According to the emirate's Land Department, the total number of real estate "procedures" conducted during 2010 reached 38,410 with a clear interest from investors towards residential apartments, Emirates 24/7 reported.

The data counts for all sales, mortgages, ijarah (a long-term lease which is eventually owned after completing its financial obligations), mortgage portfolios, deffered sales, gifted lands and properties, the newspaper added.

Commenting on the figures, Sultan Butti Bin Mejrin, director-general at the department, said: "The real estate market has witnessed a huge interest from investors during 2010 which only reflects Dubai's capabilities and the strength of its economy.

"This is reflected in the stability of transactions during 2010 which were similar to those during 2009."

The news comes after Rotana, a leading hospitality brand in the Middle East, this week announced plans to open six new hotels in the UAE in 2011 as part of an $800 million expansion programme.ADNFCR-2019-ID-800352434-ADNFCR