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."