Dubai "heading towards sustainable growth"

Dubai is "heading towards sustainable growth", according to the Dubai Land Department, as new figures show that investment has risen this year.

There were total of 23,000 property sales in the emirate in the first half of 2015, worth Dh129 billion ($35 billion). Mortgages accounted for more than $17.7 billion of the amount, notes Trade Arabia.

Sultan Butti Bin Mejren, director general of Dubai Land Department, commented in a statement: "The report confirms beyond any doubt that the real estate sector in Dubai is heading towards sustainable growth.

"This can be ascertained from the continual increases from one quarter to the next, which have been a feature of the market over the last two years. In light of the report's findings, investors and developers can have realistic expectations and can formulate effective strategies in the short and medium term to meet the needs of the sector."

He added that it countered the "fallacious information about the market" that "certain parties are trying to broadcast" for "personal gain".

Indeed, recent reports have suggested a cooling off period in the emirate's previously heated market, which some have heralded as a welcome correction following booming price rises.