Dubai: Land transaction increased 20 per cent to Dh143 billion last year, and according to Dubai Land Department, with Indians and British expatriates are the largest investors in Dubai's property market.
Investment by the GCC nationals reached Dh12 billion while UAE nationals topped the list of investors and invest mainly in flats.
"An analysis of the results of 2011 shows that the emirate's real estate market started to regain the confidence of investors and continue the recovery due to the attractiveness of Dubai prosperities," Land Department said.
"However, the announced results of the last year don't really reflect the transactions taking place in the market as some of transactions are not recorded in the LD. On that regard, the LD advises the sellers and buyers to officially document the transaction at the department's register in order to safeguard the rights of the relevant parties."
The Dubai Land Department's transactions for 2011 reached 35,297 transactions valued around Dh143 billion last year in Dubai. The transactions include sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions.
The Director General of the Land Department, said: "The transactions' quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai due to the direct and unlimited support from the local government that spared no effort to achieve market's stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors.
2011 saw a 12 per cent increase in mortgages compared to 2010. The mortgages represent 60 per cent of the total transactions conducted in 2011; this indicates the recovery of the property financing and the return of healthy activities" he added.
Source: Gulf News