More than 5,000 property transactions recorded with the Dubai Land Department in November, a 11-year high on a monthly basis. Dubai property sales transactions have scaled record highs since the government announced forming a committee to ensure that semi-government real estate companies do not compete with private investors, new research showed on Tuesday.

The committee, which will be chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, aims to develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next 10 years.

According to Data Finder, the real estate insights and data platform under the Property Finder Group, 5,051 property sales were recorded with the Dubai Land Department (DLD) in November, hitting a 11-year high on a monthly basis.

This eclipsed the 4,774 overall property sales registered in October and the 4,007 real estate transactions recorded in September. Cumulatively, this amounted to 13,832 transactions in the three-month timeframe. It added that the DLD also registered the sale of Burma Island, part of the World Islands, for AED112.77 million on December 8.

Source: www.arabianbusiness.com