Notwithstanding the global economic slump, the Dubai realty industry continues to register appreciable gains. According to the latest report on demand and supply in the UAE property sector, the delivery delays anticipated in 2008 and 2009 stand in excess of 20,000 units, pushing back the demand-supply equilibrium beyond 2011. The growth of Dubai property sector is fuelled by demand from investors and residents alike. Studies reveal that there are still more than 250 major civil construction projects in the bidding phase across the GCC worth nearly $120 billion, with 135 in the UAE alone. The mortgage demand in the UAE is likely to touch 40 per cent of property sales value by 2011 and the estimated total value of off-plan and resale properties in the UAE will touch AED 430 billion by 2011. |
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Date |
Value of Sales (in AED) |
Value of Sales (in USD) |
12/10/2008 |
53,783,343 |
14,654,861 |
13/10/2008 |
67,501,413 |
18,392,755 |
14/10/2008 |
111,578,712 |
30,402,918 |
15/10/2008 |
141,784,083 |
38,633,265 |
16/10/2008 |
220,003,702* |
59,946,512* |
Total |
594,651,253 |
162,030,311 |
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(Source : Dubai Land Department *Figures apply to transactions registered with Dubai Land Department till 12.00 pm on Oct 16, 2008) |
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