Dubai property sales increase in first half of 2013

The total value of Dubai deals between January and June 2013 was AED108 billion - up 30 per cent from the same period last year.

Property lending is on the up too, as mortgage purchases account for AED1.3 billion of trailers, 47 per cent higher than 2012.

“The high percentage of growth reflects ongoing real estate developments in the emirate that continue to attract local and international investors to Dubai,” commented Sultan Bin Mejren, director general of the Dubai Land Department.

Indeed, the emirate’s market has rebounded significantly from the financial crash, with investors flocking to the stable real estate sector to take advantage of price corrections in the last couple of years. Now, prices are climbing, helping transaction values to climb.

According to Knight Frank, rents in Dubai increased by 18.3% in the year to March 2013, while valuations in the emirate have grown 12 per cent in the second quarter of 2013, according to Asteco.

Al Thenaya Al Khamesa was the most active hotspot in terms of sales, accounting for 738 deals worth a total of AED3 billion. For apartments, Dubai Marina dominated, racking up 3,748 sales worth AED6.6 billion.

The positive figures follows an announcement from luxury developer Damac Properties, who have just released a new wave of golf resort units and have an extremely optimistic outlook for the future:

“We expect these highly desirable and unique units to prove hugely popular with international investors looking to capitalise on Dubai’s position as the world’s top performing rental market,” Damac managing director Ziad El Chaar declared.

“Dubai is back driving the international property market and all eyes are on the Emirate again. It is the right time to bring a new living concept to Dubai and these condos will deliver a great opportunity to those looking for a secluded, peaceful lifestyle just a short distance from the bustling city.”