Dubai property enjoys strong first quarter

The total value of real estate transactions in Dubai increased by 63 per cent year on year in the first quarter of 2013, according to new figures.Data released by the Dubai Land Department (DLD) showed that 223 property deals per day – or 32 per hour – were registered during the three months to the end of March.This means a total of 14,260 transactions were carried out by the emirate's property buyers and sellers in the first quarter, placing the total value of deals at AED 44 billion (£7.7 billion).Sultan bin Mejren, director general of the DLD, described the figures as “an important indicator of the solid growth and performance of the real estate market, which has the backing of government to increase confidence among a number of national, regional and international investors”.He added that the emirate's property market “saw an impressive high in the first quarter, with the number of transactions soaring in the residential and commercial sector”.Mr Bin Mejren said he believes property prices will continue to rise on the back of increasing demand for land, villas and apartments in Dubai, with more investors expected to enter the market this year.The DLD figures were published shortly after a report from Deutsche Bank revealed that prices rose for the 16th consecutive month in March, jumping by 1.5 per cent on the previous month.Speaking last week, Standard Chartered's global head of macroeconomic research Marios Maratheftis said the fundamentals are now in place for solid and sustainable growth in the Dubai property market.He explained that the “rapid loan growth” that characterised the ill-fated real estate boom of a few years ago is absent this time.”It looks like it is fundamentals-driven market now which is dominated by true investors and by end users … It is a healthy and sustainable rally in the housing market,” Mr Maratheftis said.The First Group can help you find apartments for sale in Dubai Taylor Scott International