Aug 08 2012
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Dubai Land Transactions Up 21% Y-O-Y In 1H12 To AED63B -Land Dept
Wednesday, Aug 08, 2012
DUBAI (Zawya Dow Jones)--Dubai land transactions grew 21% year-on-year to total 63 billion U.A.E. dirhams ($17.2 billion) in the first half of 2012 as investors sought to capitalise on attractively priced properties in the emirate, Dubai Land Department said this week.
"The real estate market in Dubai has shown high levels of flexibility in meeting investor requirements and trends during the H1; specially the new investors looking to benefit from the price correction that emerged in the past two years," said Sultan Butti bin Mejrin, Director General at the Land Department.
He added the results reflect growth and strong performance of the emirate's real estate market and prices have increased in the past few months due to the high demand for lands, villas and flats.
Burj Khalifa was a key benefactor of the increased activity in the first six month period, generating about AED2.04 billion in revenue from sale of apartments.
After being hit hard by the fallout from the global financial crisis in 2008, Dubai's real estate sector is beginning to show some signs of recovery in prime locations.
Analysts at Knight Frank said in a July property report prime Dubai real estate prices rose 1.8% in the second quarter from the quarter earlier. However, Knight Frank warned the overall outlook for the world's prime markets is muted.
"We are unlikely to see significant sustained growth given the numerous downside risks facing the global economy," Kate Everett-Allen, analyst at Knight Frank, said in the report.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com; Twitter: @ZDJnews
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