Dubai property sales hit $22.5 billion

Dubai property sales this year have hit a total value of AED83 billion (or $22.5 billion), according to new figures.

Data from the Dubai Land Department shows that property transactions in the emirates are on the up as investors return to an increasingly stable market.

"Property transactions have become more mature and the investors are now much more aware. The market offers multiple choices and Dubai property sector showed high flexibility in dealing with investors' requirements and trends during the first nine months," commented Sultan Butti Bin Mejrin, director general of the Dubai Land Department.

That recovery is still uneven, though, reminds Property Wire, with land transactions totally AED63 billion in the first six months of 2012 before slowing down in the third quarter of the year, but the total is still a positive indicator for the market's future.

The outlook has also been boosted by Bin Mejrin's announcement that the new Dubai Real Estate Arbitration Centre is ready to help to settle disputes.

"Dubai's real estate market has become one of the most developed and sophisticated markets due to the large number of dealers and clients. Now, there is an urgent need to settle real estate disputes in a smooth and fast manner," he added.

"The new Centre will enhance mutual trust between the concerned parties in the real estate market, provide real estate consultations and legal advice in terms of real estate arbitration along with providing awareness of the laws and regulations on property transactions."