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Real estate transactions in Dubai reached AED 44 Billion ($11.9bn) in the first quarter of 2013, upward 63 % on the same period a year ago, according to new numbers released by the emirate's Land Department.

The total number of transactions performed in the three month period towards the end of March was 14,260, averaging 223 deals each day, the government entity stated in a statement.

Sultan Bin Mejren, director general, said: "The real estate investment market saw an impressive high in the first quarter, with number of transactions soaring in the residential and commercial sector."

He added: "This is an important indicator of the solid growth and performance of the real estate market, which has the backing of government to increase confidence among a number of national, regional and international investors."

Bin Mejren said Dubai's real estate market had shown "durability and flexibility", with the past three months highlighting a new breed of investor entering the market on the back of price corrections over the past two years.

He said costs were now on an upward trend as a result of rising demand to purchase property, villas and apartments in Dubai.

He also expected that the cost recovery might continue to unfold.

According to data released by the Land Department, the complete value of residential unit purchases made equalled AED13.9bn during the first quarter, with total transactions reaching 10,471.

The number of property purchases in Dubai increased 8 percent in 2012 to AED154bn ($42bn), the Land Department said in January.

The emirate registered a complete of 41,767 transactions throughout the 12-month period.

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