Dubai: $31 billion of real estate in first five months
Land department confirms figures from January through to May.
June 23, 2010 2:23 by Samuel Potter
A total of AED 117billion ($31 billion) in real estate transactions took place in Dubai in the first five months of 2010, according to figures from the land department.
The highest number of transactions were in sales and mortgages raised against real estate, according to the data. It says there were 3,462 sale transactions registered in that period, with a total value of AED 25 billion.
Buyers spent AED 29 billion on apartments and funded an additional AED 8 billion of spending on this form of housing through mortgages.