DUBAI — Dubai registered an impressive 32 property sales per hour during the first three months of this year, Khaleej Times said on Sunday, quoting the emirate's Land Department. The Land Department has announced that the total value of real estate transactions in the emirate jumped by 63 percent to 44 billion dirhams in the first quarter, compared to same period last year, the newspaper said. “The number of transactions carried out in the sector totaled 14,260, which indicates 223 deals per day or 32 per hour,” it said, quoting Land Department Director General Sultan Bin Mejren as saying. “This is an important indicator of the solid growth and performance of the real estate market, which has the backing of government to increase confidence among a number of national, regional and international investors,” Bin Mejren said in a statement. He pointed out that the price index has shown an increase in property sales over the past few months following a rising demand for land, villas and apartments in Dubai. The official also predicted that. as market recovery continues, investors will be encouraged to increase their spending in Dubai. The Dubai Marina led in the sales trend “in terms of value and amount” of sold apartments which totaled 3.5 billion dirhams in more than 2,079 transactions, Khaleej Times said. Based on the department's released data, the total sales figure has reached 10,913 for a total of 24 billion dirhams, while mortgages accounted for 17.8 billion dirhams on the heels of foreclosures and other deals that brought in 2.2 billion dirhams, the newspaper said. The total value of residential units sold summed up to 13.9 billion dirhams in the first quarter, with total transactions reaching 10,471, it said. — SG
