Dubai properties 'are not on the market for long'

10/09/2012 - Dubai Property News Posted by Neil King
Dubai properties 'are not on the market for long'

Dubai currently boasts one of the world's most lucrative real estate sectors and investors are falling over themselves to secure assets within the emirate. The UAE has long been an attractive proposition for buyers and construction companies have built some awe-inspiring properties throughout the city in recent years. With demand being so high, sellers are finding that their properties are being snapped up incredibly quickly. Speaking to the Khaleej Times, director general of the Dubai Land and Properties Department Sultan Butti bin Mijrin said that real estate in the emirate is often bought far more quickly than in other major cities around the world. "It will not take more than a month to find a buyer for a property put on the market in Dubai," he remarked, before adding that in many cases buildings are only available for less than an hour before they are purchased. This is obviously great news for investors at a time when many people are worried that they will be lumbered with assets that they are unable to shift due to the uncertain global economy. There are a number of reasons behind Dubai's increasing popularity as an investment hub. Mr Bin Mijrin believes it has become far easier for property hunters to register an interest in Dubai-based real estate in recent years. The land department has reduced the period for registration and the process has been streamlined down from three phases to just one. The system has also been automated, which makes it easier for people to track the registration of the plot. In fact, Mr Bin Mijrin insisted that the whole process was among the fastest and most user-friendly in the world. Figures recently released by the department appear to support his claims, as they show the property sector enjoyed a strong period during Ramadan - a notoriously quiet time of the year for the industry. Emirates 24/7 reports that transactions reached Dh 2.2 billion in the month of August, which was an improvement on the corresponding period in 2011.