Record year for property transactions in Dubai

23/01/2013 - Dubai Property News Posted by Neil King
Record year for property transactions in Dubai

Investors were extremely busy in Dubai last year, if new figures provided by the Dubai Land Department (DLD) are to be believed.The organisation has confirmed that AED 154 billion worth of real estate changed hands in 2012, which was an eight per cent improvement on 2011.Apartments and villas were being snapped up left, right and centre during the 12-month period, as the emirate's property sector bounced back from the global economic downturn.Overall, 41,767 transactions were finalised in the city - up from 35,297 in the previous year. This represented an impressive increase of 18 per cent and includes all sales, mortgages and other types of deals.General director of the DLD Sultan Butti bin Mejren suggested that UAE nationals were the biggest investors in 2012, although there was plenty of demand coming from overseas too."The confidence of foreign investors in Dubai properties is unlimited as more investors from different nationalities invested in this sector," he remarked.Mr Bin Mejren feels last year's strong performance will be carried on into 2013 and residential sites are expected to be in very high demand, especially in more exclusive parts of town.According to the DLD statistics, property investments in Dubai Marina and Burj Khalifa proved to be the most popular last year, with luxury hotels, villas and apartments in these areas selling at a premium.This is not the only report that highlights the intense clamour for property investments in Dubai.Indeed, real estate consultancy CB Richard Ellis revealed earlier this week that UAE-based landlords have been making huge profits of late.The company stated that apartment rental rates went up by as much as 17 per cent in 2012, while the asking price for villas increased by 14 per cent.With the promise of such high yields, it is hardly surprising that market experts are fully expecting a greater number of property sales to go through in 2013.Plenty of new developments are set to be completed within the next 12 months, so investors will have far more choice than in previous years.Looking for apartments for sale in Dubai? Let The First Group help you out