No slowdown in Dubai property market deals during Ramadan

Property transactions reached Dh2.2 billion in August

Although Ramadan is often considered a slowdown period for the property sector, Dubai’s property transactions reached Dh2.2 billion in August, slightly higher than the same period last year, Dubai Land Department data reveals.

Dubai Marina topped the chart of areas with maximum number of transactions, while Burj Khalifa area topped the list in value terms.

The department registered 189 properties in the Burj Khalifa area worth Dh363 million, while in Marina 203 properties worth Dh290 million were registered.

The Palm Jumeirah saw registration of 57 properties worth Dh247 million.

Last month, the Land Department said property transactions jumped 21 per cent to Dh63 billion in the first half of 2012 compared to the same period last year, while transactions surged 82 per cent in value terms quarter-on-quarter.

In 2011, a total of 35,297 real estate transactions of Dh143 billion were reported compared to Dh123 billion in 2010.

Sultan Butti bin Mejrin, Director General of the Dubai Land Department, has  said the real estate market in Dubai has shown high levels of flexibility in meeting investor requirements and trends during the first half, especially the new investors looking to benefit from the “price correction” that emerged in the past two years.

The UK-based Royal Institution of Chartered Surveyors said funds for investment in the UAE commercial property market are beginning to rise with capital values expectations turning positive for the coming quarter - first time since 2008.

Jones Lang LaSalle has said that the Dubai residential real estate market appears to have bottomed out as prices are now at rates similar to early 2008 levels and the general rental trend being positive.

[Image via Shutterstock]


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