The Dubai Land Department has announced the total value of property transactions in the first nine months of this year hit US$ 22.6 billion.
The emirate has experienced an impressive 27,452 transactions in the first three quarters of the year, which equates to 150 deals a day, or 20 per hour.
Sultan Butti Bin Mejrin, Director General of the Dubai Land Department said that first time investors had returned to the market to benefit from the price corrections experienced over the past couple of years.
“The 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,” he told Arabian Business.
The Burj Area was reported to be the most traded area for the number of transactions over the period, peaking at 3,305 sale transactions. Other areas experiencing high turnover included Al Barsha South and Al Safa.
Transactions include all sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions.
Liquidity is returning to the Dubai property market as investors look to capitalize on the great offers made available due to the downturn and many are moving their money from more traditional vehicles such as bonds at stocks in western markets.
More than US$22.6 billion injected into the market in nine months alone, developers will have cash reserves in abundance to be able to complete on many more projects and drive the market forward. Expect to see a good number of properties reaching completion in the early part of next year as the current investment drives projects through to handover.
How has the increased liquidity affected you? Are you currently investing? Which areas are pricking your interest? We would love to hear your thoughts on this and any other news on Dubai Property Invest. And don’t forget to also join us on Twitter @dxbpropinvest