2011 was a good year for real estate in Dubai, with the total number of transactions rising by almost 20%, according to figures released by the Dubai Land Department on Monday.
Gulf News reported that there were a total of 35,297 transactions in the emirate last year, worth around $39 billion. These figures included cash sales, mortgages, mortgage portfolios, deferred sales and ijarah, a special kind of leasing arrangement that is unique to Islamic banking.
Sultan Butti bin Mejrin, the Dubai Land Department’s Director General, told Gulf News that the figures represented a 20% increase in value from all real estate transactions in 2010, adding that the quality and quantity of the deals reflects Dubai real estate’s sharp recovery and growth.
The Director General said that the government had worked hard to “achieve market stability and growth” and that the Dubai property market was once more looking attractive to outside investors.
Bin Mejrin also said that he expected the “strong recovery” to continue throughout 2012 as investors looked to increase their investments in the emirate.
Leading the recovery were new mortgages, the value of which increased by 12% over the previous year, reported Gulf News. Overall, new mortgages represented some 60% of Dubai’s total real estate transactions in 2011.
In a statement, the Land Department said that the value of 2011’s transactions was a reflection of the fact that Dubai’s real estate market had normalized.
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