Global land sales reached $64 billion during the first half of 2008. China is currently topping the chart with 44 percent of total worldwide sales, followed by India and the US.
Transactions in the UAE reached $3.7 billion, claiming 5.8 percent share of the global market, and increasing 1,348.6 percent compared with the same period last year according the New York-based research firm Real Capital Analytics (RCA).
Globally, the landscape remains mixed with the US registering a drop of 39 per cent as values sank, while Europe, Middle East and Africa (Emea) saw a 71 per cent rise due to expansion in several developing markets including such as the UAE, Russia and Romania.
Overall, 49 of the 84 countries tracked posted lower property sales this year compared with 2007.