Land Deals Reflect Rise In ActivityTuesday, May 10, 2011
Dubai's real estate sector has witnessed a surge in activity over the last 16 months, government officials will announce at the International Property Show today. New figures collated by the Dubai Land Department show the overall number of transactions — buying and selling — has grown compared to the previous 16 months as more users enter the market. Dubai's property sector was hammered during the global financial crisis with many people losing money as dozens of extravagant projects were either cancelled or put on hold. However, recent signs have been more encouraging with many investors taking advantage of Dubai's perceived safe haven status amid political unrest elsewhere in the Middle East.
"Investors are beginning to regain their trust in the market," said Juma Mohammad Bin Humaidan, Deputy Director-General of the Dubai Land Department. "The economic crisis is not as serious as before and we are seeing a different type of investor in the market; one who is looking at the long-term picture as opposed to one bringing fast cash into the marketplace," he added. Bin Humaidan says the restructuring process at Dubai World, including its property arm Nakheel, has had a positive impact on investor sentiment. Many consumers are happy to have seen an actual movement towards a stronger overall picture in the real estate sector. It is safe to invest in the market and many developers will be on hand to display finished or partially completed projects [today]," he added.Source: Gulf News