Property transaction quality and quantity 'reflects growth in Dubai'

04/04/2012 - Dubai Investment News Posted by Neil King
Property transaction quality and quantity 'reflects growth in Dubai'
The quality and quantity of property investment in Dubai is indicative of the economic strengthening of the emirate.This is according to Sultan Butti Bin Mejren, director-general of the Land Department, who told Gulf News that the value of these purchases reflects the return of the sector to normal levels, increased investor awareness and the maturity of the real estate market.A 12 per cent increase in mortgages was recorded in Dubai in 2011, with these loans representing 60 per cent of the deals conducted last year.Bin Mejren said: "The transactions' quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai."This week, Arabian Business reported that property deals surged by 5.3 per cent between January and March in the emirate, according to figures from the Land Department.However, there is still room for improvement, as the sector is yet to beat record transactions processed in 2008.