Cash is king in Dubai property deals

03/01/2012 - Dubai Investment News Posted by Neil King
Cash is king in Dubai property deals
Property investors are dealing almost exclusively in cash when it comes to deals in Dubai.That is according to research recently published by the Dubai Land Department, which showed that just 5,568 of the 26,465 transactions for apartments and flats in 2011 were mortgage sales.The news comes as the emirate saw a total of 35,297 real estate deals take place last year, worth a total of Dh143 billion.According to the data, this represented an increase of 16 per cent on the Dh 123 billion spent in 2010.Sultan Butti bin Mejrin, director general of the Land Department, explained that there was a 20 per cent increase in the total value of transactions compared to 2010."The transactions' quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai due to the direct support from the local government that spared no effort to achieve market's stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors," he commented.