Land sales in Dubai have reached a 24-hour peak with transactions topping a remarkable 387.74 AED million (£56.25 million) in a single day.
UAE news agency WAM reported the remarkable Wednesday figures, adding the total sales for the 24 hours stood at 204.10 million AED (£29.61 million).
According to WAM, the UAE Land Department also recorded 183.64 AED (£26.68 million) in mortgages going through on the day.
The agency said the Palm Jumeirah area was the most active in terms of sales on the day, with five transactions.
Title of single biggest sale went to a plot in Al Baraha which went for 17 million AED (£2.4 million).
According to the figures, demand for development land in the Emirates remains high despite some recent reports areas such as Dubai may begin to see property price slides in future years.
Experts Asteco recently said “no significant residential rises” have been seen in the last three months on Dubai rents, although year-on-year average residential lets in Dubai have climbed by almost 22 per cent.
Elsewhere, consultants John Charcol Dubai recently said British nationals who moved to the area and took up residence there are creating a new demand for new homes for sale.
It said ex-pats who previously rented are now more keen on investing in permanent properties, further bolstering land demand.
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