Dubai saw $33.5bn of real estate deals in 2010, Land Dept says

Director general says numbers are ‘promising’, but experts are split on likelihood of house price recovery
Dubai saw $33.5bn of real estate deals in 2010, Land Dept says
Dubai saw AED12bn ($33.5bn) worth of real estate transactions in 2010, the emirates Land Department said
By Joanne Bladd
Wed 16 Mar 2011 11:19 AM

Dubai saw AED123bn ($33.5bn) worth of real estate transactions in 2010, the head of the emirate’s Land Department said Wednesday.

The numbers were “promising, considering the crisis,” Sultan Butti Bin Mejrin, director general of the department, told a property conference in Dubai.

Dubai property prices slumped 62 percent from their peak in mid-2008 after the global credit crisis saw speculative demand wane.

The value of real estate deals in the emirate plunged 65 percent in 2010, data from Jones Lang LaSalle shows, while the number of transactions fell by more than half.

Investment bank Rasmala said last week that house prices across the UAE were set to decline a further 25-30 percent over the next two years due to a rising oversupply of property.  

In contrast, real estate consultancies including Jones Lang LaSalle and Landmark Advisory said this month they expected prices to reach bottom this year.

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