Dubai land transactions hit $48bn in 2007

The total value of land transactions in Dubai in 2007 hit Dhs175bn ($48bn), a 170% increase from Dh62bn in 2006, reported Gulf News. The average deal in 2007 was Dhs12m, up 65% from 2006. About 30% of the land transactions was generated from 'new' procedures, such as al-ijara (sharia bond), and flat and apartment registrations.