FINANCIAL NEWS

Dubai’s 2011 property deals jump 16%

03 Jan 2012

(MENAFN) The Dubai Land Department said that last year, real estate deals jumped over 16 percent from 2010 to 35,297 deals, reported Emirates 24/7.

The department added that the value of these deals reached USD38.9 billion, compared with USD33.4 billion recorded in the previous year, moreover, more than 60 percent of apartment sale deals were made in cash, with 20,424 apartments worth USD7.3 billion sold in the year.

It also said that total deals for apartments/flats reached 26,465, with a value of USD11.7 billion, adding that around 5,568 were mortgage deals, valued at USD4 billion, on the other hand, total villa transactions were valued at USD1.6 billion.

It is worth noting that 2011 recorded an increase of 20 percent in the total value of transactions compared with 2010, with transactions including sales, mortgages, ijarah, mortgage portfolios, deferred sales and other deals.

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