Dubai: Dubai recorded residential real estate transactions worth Dh123 billion in 2010, according to the head of the Dubai Land Department.
"This is considered, in the light of the previous economic crisis, a positive indicator," Sultan Butti Bin Mejren, Director-General of the department, told an Arab real estate conference.
‘Trickle down'
Real estate transactions are likely to increase this year due to the "trickle down" effect as Sharjah residents move to Dubai where rents are "softening," said Ian Albert, Regional Director of Colliers International.
The emirate is pushing ahead with 220 projects in 2011, Marwan Bin Galita, chief executive of the Real Estate Regulatory Authority, said. "So far we have 220 projects going on. Those are the projects we evaluated and it is proving that those are going forward," he said. Bin Galita declined to elaborate on projects that have been cancelled.
"Any project that is not good for Dubai and the investors will not go on. We do have new criteria, we are evaluating all projects on those bases... This is what we're doing," he added.
