United Arab Emirates Property News

Dubai sales figures surge by 84% year-on-year

Dubai sales figures surge by 84% year-on-year
Dubai sales numbers surged by 84% year-on-year in the first two months of 2012 according to official figures.

The Dubai Land Department revealed that 448 deals were concluded in January and February, 84% up on the same period in 2011.

Values of sales roses by 33% to AED3.698 billion ($1.006 billion)

Paul Musson, manager of residential sales and leasing at Better Homes’ Barsha office, said that the figures show that “confidence is growing in favour of Dubai as other areas in the region are hit by internal disputes and an unstable future”.

“The sales transactions are on the increase; however this is not reflected in the now flat line selling prices. This suggests that the worst is now behind us and we can look forward to a healthy recovery for end users and investors alike.”

DTZ director Andrew Goodwin added: “This means that there are greater number of lenders in the market and if values are down, these will increase in time if the trend continues.”