Dubai's troubled property market showed signs of a resurgence in 2011, with transactions up 20 per cent on the year before, according to official figures released this week.
Data from the Dubai Land Department reveals the emirate saw 35,297 property transactions in 2011, worth a total of AED143 billion (US$38.9bn). The transactions included sales, mortgages, rentals and deferred sales.
Mortgage transactions, which made up 60 per cent of the total, grew 12 per cent in 2011 compared to 2010.
Director General of the Land Department, Sultan Butti Bin Mejren, was quoted by Gulf media as saying he expects continued strong recovery in investor demand for Dubai real estate, attributing it to high confidence levels, stability and commercial appeal.