By Andy Sambidge
Land Department data shows 63% increase on Q1 2012; senior official hails performance
Real estate transactions in Dubai reached AED44bn ($11.9bn) in the first quarter of 2013, up 63 percent on the same period last year, according to new figures released by the emirate's Land Department.
The total number of transactions carried out in the three month period to the end of March was 14,260, averaging 223 deals per day, the government entity said in a statement.
Sultan Bin Mejren, director general, said: "The real estate investment market saw an impressive high in the first quarter, with number of transactions soaring in the residential and commercial sector."
He added: "This is an important indicator of the solid growth and performance of the real estate market, which has the backing of government to increase confidence among a number of national, regional and international investors."
Bin Mejren said Dubai's real estate market had shown "durability and flexibility", with the past three months highlighting a new breed of investor entering the market on the back of price corrections over the past two years.
He said prices were now on an upward trend as a result of increasing demand to purchase land, villas and apartments in Dubai.
He also predicted that the price recovery would continue to unfold.
According to data issued by the Land Department, the total value of residential unit transactions made equalled AED13.9bn during the first quarter, with total transactions reaching 10,471.
The number of property transactions in Dubai increased 8 percent in 2012 to AED154bn ($42bn), the Land Department said in January.
The emirate registered a total of 41,767 transactions during the 12-month period.