Small rise in property sales in dubai

Property sales in Dubai are 70% less than they were at the peak of the market in the middle of 2008 but a small rise in transactions is being hailed as a good sign.

Real estate experts are pointing out that no one wants a rush back to the heady days of speculative flipping which made the emirate one of the hottest markets on the planet, and that a steady recovery is better.

The latest figures from the Dubai Land Department show that it is certainly not going to be a quick recovery. Dubai saw 1,603 real estate deals in the first ten months of the year, a 70% decline compared with the height of the market when there were 5,363.

But the figures show a 37% increase in property transactions when compared to 2009 at the height of the financial crisis, suggesting that there are indeed signs of recovery in the city’s battered housing market.

Source: PropertyWire.com