Value of Dubai property sales up over 50%

The value of Dubai property sales appreciated by over 50% in October, compared to the preceding month, according to the Dubai Chamber of Commerce and Industry.

Hamad Buamin, director general of the Dubai Chamber of Commerce and Industry, told the press that sales of homes in Dubai improved dramatically last month. He said that the average value of Dubai apartment sales increased 34%, compared to September, while the value of Dubai villa deals appreciated by almost 70%, however, he did not give an exact figure for the value.

Buamin also been revealed that the value of land deals in Dubai almost doubled month-on-month in October.

He said the increase “was essentially due to the fact that demand has risen owing to increased expectations about job security, and ease of access to finance.”

The Dubai property market has taken a stern battering over the past year, with property transaction levels and prices plummeting across the emirate, plunging many Dubai homeowners into negative equity.

The data released by the Dubai Chamber of Commerce and Industry offers a brief respite for the ailing Dubai property market which sunk to a new low yesterday, after the property developer behind the Palm Jumeiah, Naheel, made a request to suspend debt repayments on the scheme.