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FINANCIAL NEWS
Dubai property sales jump 53% in Q1
01 Apr 2012
(MENAFN) Data from the Dubai Land Department (DLD) showed property sales in Dubai rose by 53 percent in the first quarter from a year earlier, Arabian Business reported.
Some 654 land sales, including apartments, villas and townhouses, were registered during the quarter, up from 426 during the same period in 2011. The total value, however, rose 32 percent to USD1.43 billion, less than half the 2008-peak.
DLD said that values of apartments in less desirable locations have continued to decline, with Discovery Gardens and International City values down 7.8 percent and 5.6 percent respectively from Q3 2011.
Top tier parts of the city remained strong for the past 5 months and showed growth from Q3 2011, with Burj District, also known as Downtown Dubai up 5.3 percent, The Greens up 4.8 percent, The Views up 5.2 percent and certain higher end developments in Dubai Marina were up 1.35 percent.
Dubai was one of the hardest hit markets as a result of the global downturn in the property sector, with prices tumbling by nearly 60 percent and half of projects put on hold or canceled.
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