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Dubai posts 63% surge in Q1 property transactions

28 Apr 2013

(MENAFN) Dubai’s Land Department announced that during the first quarter, property deals in the emirate surged by 63 percent from a year before to USD11.9 billion, reported Arabian Business.

The department’s director general, Sultan Bin Mejren, added that the number of real estate deals reached 14,260 in the period, whereas on a daily average, the number stood at 223.

Bin Mejren attributed the growth to higher investments in the real estate market, with the increase covering both residential and commercial sectors.

He added that the number of residential unit transactions reached 10,471 in the 3-month period, with a total value of USD3.78 billion.

It is worth noting that Dubai saw an 8-percent rise in the number of real estate transactions in 2012 to USD42 billion.

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