Total investments in Dubai real estate sector crossed Dh58 billion during the last quarter of 2008, representing a drop in comparison to the previous quarter of 2008, a market research shows.
According to the research firm, REIDIN.com., the statistics reflected the current economic downturn, which has affected the property and real estate market in the region.
Dubai property prices also slumped during the last quarter, decreasing by 23 per cent, with villas showing a more marked decline than apartments, HSBC said in a recent report. Average prices for villas in the emirate fell 30 per cent from September last year, but were up 33 per cent year-on-year, while prices for apartments declined 20 per cent from September, but were up 16 per cent on the year.
Figures from Dubai Land Department show that the value of the total land transactions in Dubai jumped 47.5 per cent to Dh70.2 billion in 2008 from Dh47.6 billion in 2007. A total of 5,837 transactions were recorded in 2008, up from 3,997 in 2007.
“The trust of the international real estate community in the Dubai market is underlined by the exceptional interest of developers as well as investors to venture into the emirate, despite the current challenges brought about by the global credit crisis,” said Dawood Al Shezawi, managing director, Strategic Marketing and Exhibitions. “The impressive presence of companies from across the globe at the upcoming ‘International Property Show - Dubai 2009’ is a clear indication of the pull that Dubai has among foreign players, and we are proud to provide an effective platform where they can meet their global counterparts and explore further growth opportunities.”
According to the research firm, REIDIN.com., the statistics reflected the current economic downturn, which has affected the property and real estate market in the region.
Dubai property prices also slumped during the last quarter, decreasing by 23 per cent, with villas showing a more marked decline than apartments, HSBC said in a recent report. Average prices for villas in the emirate fell 30 per cent from September last year, but were up 33 per cent year-on-year, while prices for apartments declined 20 per cent from September, but were up 16 per cent on the year.
Figures from Dubai Land Department show that the value of the total land transactions in Dubai jumped 47.5 per cent to Dh70.2 billion in 2008 from Dh47.6 billion in 2007. A total of 5,837 transactions were recorded in 2008, up from 3,997 in 2007.
“The trust of the international real estate community in the Dubai market is underlined by the exceptional interest of developers as well as investors to venture into the emirate, despite the current challenges brought about by the global credit crisis,” said Dawood Al Shezawi, managing director, Strategic Marketing and Exhibitions. “The impressive presence of companies from across the globe at the upcoming ‘International Property Show - Dubai 2009’ is a clear indication of the pull that Dubai has among foreign players, and we are proud to provide an effective platform where they can meet their global counterparts and explore further growth opportunities.”
