Despite Dubai property market being hit by the World Property slump, the land department in Dubai have announced transactions are up for the first 5 months with a big increase in mortgage based transactions compared to last year, whilst cash rich investors were active in the market in 2009, mortgage and finance availability wasn’t readily available, now local residents are able to find finance and are looking to take opportunity to

purchase apartmentsand villas which were once un-affordable which have dropped up to 60% before property prices rise again.

In a recent conference of the banking industry held in the region it was advised that there would be huge demand for mortgage based products in the region and that banks and financial bodies should be prepared for this.

The land department 111 billion Aed worth of transactions through the first 5 months of this year over just over 3000 property sales.