Dubai saw $33.5 billion (£20.8 billion) worth of real estate transactions in 2010, the head of the emirate's Land Department has confirmed.
Sultan Butti Bin Mejrin, director general of the department, told a property conference in Dubai that the numbers were "promising, considering the crisis", Arabian Business reports.
The global credit crisis saw Dubai property prices slump 62 per cent from their peak in mid-2008, however the market appears to be rising steadily once again.
This news comes shortly after Marion Abu Thina, senior sales and leasing consultant at JBR Office of Better Homes, observed that now is the time to invest in Dubai property in sought-after localities.
She said that prices are now back to where they were in 2005 in most areas of the emirate. In particular, Ms Abu Thina remarked that waterfront properties are a "solid investment".
Dubai's model of business drives its economy, with the effect that its main revenues are now from tourism, real estate and financial services.