(MENAFN) Dubai real estate market has achieved a 21-percent increase in activity during the first half of 2012 compared to the same period of 2011, Arabian Business reported.
Land transactions in Dubai reached USD17.15 billion in the first six months of the year, according to Sultan Butti bin Mejrin, director general of the Dubai Land Department (DLD), who added that the emirate saw a total of 18,953 transactions by the end of June.
The transactions include sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions.
Dubai saw 14,652 sales transactions worth USD8.4 billion in the January-June period, while mortgage deals reached 3,363 worth USD8 billion.
Bin Mejrin also said that property prices have increased in the past few months due to high demand for buying lands, villas and flats in certain areas of Dubai.
Hamda Al Shamsi, deputy director of the Real Estate Development Department said that sale and mortgage transactions of apartments surpassed the transactions on villas, driven by more attractive offers.
Dubai property market was heavily hit by the global downturn, with prices tumbling by nearly 60 percent and half of projects put on hold or cancelled.