The number of homes sold in Dubai during the first quarter of this year increased by 20 per cent compared to the last quarter of 2010, due to an influx of overseas buyers, including many Brits, according to a new report.
According to Dubai's Real Estate Regulatory Authority (Rera), the value of Dubai property transactions increased 20 per cent during the first quarter of 2011, suggesting the market, supported by the emirate's strengthening economy, is embarking on the road to recovery.
Marwan Bin Ghlaita, the CEO of Rera, told news reporters that more international property investors are buying homes in Dubai once more, with Brits among the most active purchasers.
He said: “The total value of transactions in Dubai in the first quarter was Dh30 billion [£5 billion] with 10,554 transactions, which is up by 20 per cent from Q4 of 2010.
“Price-wise, the market is correcting itself. We are seeing more investors coming in. The top three real estate investors continue to be Indian, Pakistani and UK nationals, but we are also seeing new nationalities entering the top 10 real estate investors such as Syrians.”
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