Dubai: Real estate sales decline
Dubai's Land Department issued data indicating that the emirate's real estate market has suffered somewhat recently as a result of the growing construction costs and land prices that the market has witnessed. Dubai's overall value of land deals dropped by some 11 percent during the first half of 2006 compared to the corresponding period of 2005.
Based on the Department's statistics, Dh8.6 billion worth of deals were registered during the period of January through June, while during the same months in 2005, the value of deals was Dh9.8 billion. Falling even further was the number of buyers, from 2,077 in 2005 to 1,253 this year, reflecting a 40 percent drop.