Dubai property sales up by 54%

Property sales in Dubai soared 54 per cent as value rose 32 per cent in the first quarter of 2012 compared to same period last year, Dubai Land Department data shows.

A total of 654 land sales, comprising apartments, villas and townhouses, were registered compared to 426 year-on-year. In value terms, a 32 per cent increase to Dh5.24 billion was registered against Dh3.96 billion in Q1 2011.

During the property boom time, Dubai saw 1,500 transactions, worth Dh18.70 billion, in Q1 2008. In Q1 2009, total registration declined three times to 343 with the value falling to Dh4.25 billion. In Q1 2010, sales transactions rose to 505, valued at Dh3.619 billion.

International and local real estate consultancies have said that property prices are stablising in Dubai with the new Knight Frank and Citi Private Bank Wealth Report putting Dubai as the 13th most important city in the world for the ultra-wealthy, and eighth in terms of growing in importance to the high net worth individuals (HNWIs).

“Despite its struggles in recent years, Dubai was voted the 13th most important city in the world,” the report, said.

Earlier last month, Knight Frank said that real estate in Dubai had not only stabilised, but prices went up 2.3 per cent on average in the last quarter of 2011.

Asteco, Dubai-based real estate consultancy, said recently that property prices have stablised with certain villa communities such as Palm Jumeirah, Arabian Ranches and Springs already witnessing price hikes of up to nine per cent.

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