Posted by Bob Brunskill
Dubai's real estate transaction record this year suggests the emirate may be experiencing a property sector rebound, it has been argued.
Oxford Business Group (OBG) observed that according to data issued by the Dubai Land Department last month, there was a sharp jump in the number of real estate transactions in the emirate during the first five months of the year.
Between January and May 2010, 3,462 sales were registered in the emirate, with sales valued at $6.8 billion and with 3,169 of them residential properties, it was noted.
"Though it is unlikely that the total number of residential sales this year will top the peaks of 2007 or 2008, when 10,845 and 7,638 properties changed hands respectively, the real estate sector is well placed to eclipse the 4,961 residential sales recorded in 2009," commented OBG.
Meanwhile, the consulting group observed that while this year's average sale price of $2,360 per sq metre is well up on the 2007 figure of $1,900 per sq metre, it is down on 2008 levels.
However, it added that growing interest in the market "suggests that stronger upward movement will not be too far away".
Meanwhile, a report released earlier this week by real estate specialist Cluttons confirmed that Dubai's real estate industry is maturing, with potential property purchasers having a wealth of competitive options across all sectors at present.