Dubai property sales surpass $2.5 billion

28/09/2010 - Dubai Property News
Dubai property sales surpass $2.5 billion

Posted by Bob Brunskill

Dubai property for sale in the first six months of the year has surpassed $2.5 billion.

In a report to the London Stock Exchange, the Dubai Land Department recorded 1,188 sales from January to June to a total value of $2.62 billion, reported.

This is compared to the 510 transactions in the second half of 2009 and the 2,327 sales completed throughout the whole of 2009, highlighting the boost that the emirate has witnessed in just the past year alone.

In a further positive step for Dubai property, mortgage lender Tamweel has witnessed an increased stake from the Dubai Islamic Bank.

Chairman of the bank Mohammed Ibrahim Al Shaibani told the news source: "The transaction marks and important milestone for the bank and the UAE property."

Meanwhile, reported that according to the government of Dubai's bond prospectus, 46 property projects have been completed and 307 are due to be completed, while 495 projects have been cancelled.

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