Business - UAE realty gains ground

Business - UAE realty gains ground:

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Skyscrapers are seen at Dubai Marina in Dubai. The Land Department recorded total 30,469 transactions worth Dh108 billion during January to June period. — Bloomberg

Further improvements in sentiment in both the occupier and investment segments of UAE real estate market show that the tone in the property industry is continuing to gain ground, reversing the negative pattern that characterised the market from the back end of 2009 through till the middle of last year, according to the survey.

“The latest numbers demonstrate that the recovery story is continuing to gain traction in both the UAE and Japan and that real estate markets across much of Asia and in the US remain generally positive,” RICS chief economist Simon Rubinsohn said in a statement.

Specially, Dubai recorded huge investment in property market as foreign and Arab investments in the Emirate’s real estate market recorded a significant upswing in the first half. Value of transactions reached Dh53 billion on the back of mounting investor confidence spurred by attractive market environment, sustained economic stability and diversification, the Government of Dubai Land Department announced last month. During January to June period, the Land Department recorded total 30,469 transactions worth Dh108 billion."

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