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Dubai Land Department (DLD) has announced that the real estate transactions recorded in the emirate during the first quarter of this year exceeded AED61 billion ($16.6 billion), up 38 percent over the same period last year.
DLD’s report revealed that a total of 15,694 real estate deals were completed in the three months to March 31 – an increase in activity of 11 percent.
The statistics also showed that there were 11,567 sales activities worth a total of AED31.5 billion and 3,482 mortgage transactions, worth over AED28 billion.
Sultan Butti Bin Merjen, director general of DLD, said: “The results of the first quarter 2014 reflect the renewed investor confidence in Dubai and specifically, in the city’s real estate sector, which is considered an integral component of the national economy.