Value of property transactions soars in Dubai

22/10/2012 - Dubai Property News Posted by Bob Brunskill
Value of property transactions soars in Dubai

Experts have been suggesting for quite some time that Dubai's property sector is going from strength to strength - and figures have now emerged to back up their claims.The Dubai Land Department has revealed that the total value of property transactions soared across the emirate in the first nine months of 2012.During this period, deals worth AED 83 billion (£14 billion) were concluded, which highlights just how well the city has recovered since the global economic downturn in 2008-09.Investors are coming back to the Gulf all the time, it seems, and villas, houses and apartments in more exclusive parts of the emirate are in particularly high demand.The Dubai Land Department revealed that 20,925 sales were recorded during the nine-month period - worth in the region of AED 43 billion.Sales accounted for 52 per cent of all transactions, with mortgage agreements making up a further 44 per cent.Director general of the government's land division Sultan Butti Bin Mejrin explained why Dubai is performing so well."The property transactions have become more mature and the investors are now much more aware. The market offers multiple choices and [the] Dubai property sector showed high flexibility in dealing with investors' requirements and trends during the first nine months [of the year]," he remarked.There is a general feeling throughout the UAE that this is a sign of things to come and investor optimism is growing all the time.Purchasing Managers' Index (PMI) figures recently released by HSBC showed just how strong the country's economy is at the moment.The statistics indicated that non-oil business output rose considerably in September, with the company's index increasing to 53.8 - up from 53.3 in August.Any score over the 50 mark is said to represent economic expansion and this will no doubt encourage even more investors from around the world to secure new assets in this thriving part of the Middle East.