According to Abu Dhabi-based Aldar Properties, land sale transactions in the Gulf region picked up in the third quarter of the year and it expects the property market to stabilise next year.

However, a report from the Kuwait Specialist Company for Consultancy showed that property trading volumes were down in September (KD70m) compared to the previous month (KD111m). According to the report, the decline was due to the impact of the world economic crisis and the low commercial activity in the country in general although a slight increase in the level of demand for financial facilities for the real estate sector was expected up to the end of 2009.

Aldar Properties believes the market has been volatile in 2009 as it saw a modest rise in property sales in the first half of the year, but there were no land sales in the second quarter. However, it has begun to pick up modestly in the third quarter.