Not only has Dubai’s economy improved significantly and its tourist numbers return pre-recession levels but it has now been announced that property transactions have jumped by 20% in just 3 months.
RERA’s (Real Estate Regulatory Agency) CEO Marwan Bin Ghlaita said
“The total value of transactions in Dubai in the first quarter was Dh30 billion ($8.2b) with 10,554 transactions, which is up by 20 per cent from Q4 of 2010,”
“Price-wise, the market is correcting itself. We are seeing more investors coming in. The top three real estate investors continue to be Indian, Pakistani and UK nationals, but we are also seeing new nationalities entering the top 10 real estate investors such as Syrians,”
Industry professionals across the board have seen significant increases in Dubai property enquiries.
Giles Beswick, Director of Select Property, Europe’s largest seller of UAE property said “We’re certainly doing more business in Dubai. We have witnessed a renewed interest following the significant improvement of market conditions in the emirate – there is a considerable appetite for property in Dubai at the moment.”