Strong July for Dubai Real Estate

In a continuation of its recent strong performance and with a total value of over 2 billion dirhams, Dubai’s Real Estate industry achieved the highest number of unit sales and corresponding total unit value for any month of July on record according to data sourced from the Dubai Land Department.

With 1,767 transactions, the industry saw over 193,629 sqm (2.084Mill sq ft.) of property units sold during the month showing demand for Dubai property units continues.

Consistent with recent trends, the top performing areas were Dubai Marina, Downtown and JLT where the combined value of the transactions from these areas accounted for approximately 67% of the total value of unit transactions during the month.

“The recovery is certainly with us” said Mohanad Alwadiya, Managing Director of Harbor Real Estate in Dubai. “Confidence is returning to the market and, when considering the latest reports regarding healthy profits and renewed activity by several leading developers, the industry is certainly looking vibrant again”
Alwadiya was referring to announcements made recently by EMAAR regarding an 82% surge in profits in the first half of 2012 along with renewed interest in developing a townhouse project in Dubailand.

Nakheel has also returned strong profit growth for the first half of 2012 up 36% on 2011. The company, restructured as a result of the global financial crisis, is also planning new developments based upon the resurgence in demand for Dubai property.

“We have all been waiting for this time, when optimism based on growing confidence would return to the market” said Alwadiya, who added “The growth trend is looking very exciting”.

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