Sales of Dubai property 'pick up'

There has been an upturn in demand from local purchasers in the Dubai real estate market.

Cluttons revealed it has noticed an increase in the number of domestic investors who are returning to the emirate's property sector, as many commentators now believe it has reached its lowest point.

According to the firm, there are "very few" distressed assets for sale, while existing owners are taking advantage of the drop in prices to trade up.

The organisation also cited figures from the Dubai Land Department, which indicate the volume of real estate transactions climbed by 64 per cent in the final quarter of 2011, compared to the previous three-month period.

Head of sales and leasing at Cluttons Dubai Mario Volpi commented: "It is still a buyer's market, since the global recession; however, with the return of accessible financing, sellers are now enjoying a high number of buyers in the market, therefore experiencing quicker sales."

Earlier this month, Global Property Guide reported on data from the Real Estate Regulatory Authority of Dubai, which showed the number of property deals completed in 2011 rose by 20 per cent compared to 2010.
 

Like this? Then share with your friends and colleagues!