FINANCIAL NEWS

Dubai’s property transactions hit USD38.9b in 2011

16 Feb 2012

(MENAFN) A recent data released by Dubai Real Estate Regulatory Agency (RERA) showed a 20 percent growth in property transactions in the emirate’s real estate market last year.

RERA said real estate transactions value reached USD38.93 billion in 2011, up from USD32.66 billion in 2010, driven by 6,400 new investors who entered the market last year.

RERA CEO Marwan bin Ghalaita said that most of transactions were focused on lands hitting USD25.58 billion, with the majority of investors from the UAE, India and the UK.

He added that flat purchases hit USD13.1 billion, while villa purchases were valued at USD1.63 billion, with most buyers from India, UK and Pakistan.

Ghalaita also indicated that 62 projects are set to enter the emirate’s property market this year, expecting another 44 projects to follow by year-end.

He also warned that some 220 projects are still under evaluation as the property watchdog considers further project cancellations.

Last year, RERA said that any property projects that prove to be economically unfeasible would face termination between now and 2016.

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