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FINANCIAL NEWS
Dubai’s real estate transactions at USD33.5b in 2010
16 Mar 2011
(MENAFN) The head if Dubai’s Land Department, Sultan Butti Bin Mejrin, stated that Dubai had real estate transactions in 2010 amounting to USD33.5 billion, reported Arabian Business.
Sultan said that baring in mind the setback the UAE had in the real estate sector, the results of 2010 were considered promising.
Sultan stated that the value of real estate deals in the emirate plunged by 65 percent last year, and the number of transactions decreased by over fifty percent.
Industry experts said that as supply in properties was more than demand, house prices all over the country are expected to decline by 25 to 30 percent in the coming two years.
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