Dubai real-estate transactions totaled 9.63 billion dirhams ($2.62 billion) in the first six months of the year, about half the amount for all of 2009, according to government data.
Dubai’s Land Department recorded 1,188 sales in the first half compared with a 2009 total of 2,327, the government said in a bond prospectus published on the London Stock Exchange today. The document didn’t provide figures for the first half of 2009.
The deepest global financial crisis since the 1930s led Dubai property prices to slump more than 50 percent from their peak in August 2008 as frozen credit markets force the country’s largest mortgage providers, Tamweel PJSC and Amlak Finance PJSC, to stop lending.
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