Gulf Arab nationals sold properties valued at 15.7 billion dirhams ($4.3 billion) in Dubai during the eight months ended August, the Real Estate Regulatory Agency and the Land Department said in a joint statement today.
Land sales by developers and individuals accounted for 10.8 billion dirhams of Dubai’s total property sales between January and August. Apartment sales followed with 2.9 billion dirhams and villa sales reached 2 billion dirhams, RERA said without providing comparative figures.
The value of land transactions in the first three quarters of this year slid to 14.9 billion dirhams, compared with 61 billion dirhams a year ago, according to data posted on the Land Department’s Web site.
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