DUBAI PROPERTY DEALS SEES AED 2.1 BILLION HIGH ON TUESDAY
According to data released by Dubai's Land Department (DLD), Tuesday saw a total of 471 sales transactions worth AED 1.87 billion, 70 mortgage deals of AED 122.36 million, and 14 gift deals amounting to AED 130.13 million.
Out of the total sales transactions, 451 were for villas and apartments worth AED 1.56 billion, while the remaining 20 transactions were for land plots worth AED 316.57 million.
The mortgage deals included 47 transactions for villas and apartments worth AED 68.8 million, and 23 transactions for land plots valued at AED 53.56 million.
Dubai's real estate market is experiencing an ongoing surge in demand, with real estate and property transactions reaching AED8.4 billion ($2.3 billion) in value in just one week ending on January 27. The total number of transactions recorded in that week was 2,786. The top three transactions were land deals, with the highest being a plot in Al Safouh Second selling for AED140 million ($38 million), followed by a land plot in Al Thanyah Fifth sold for AED122.5 million ($33.4 million), and another plot in Al Safouh Second sold for AED140 million ($38 million). Real estate specialists have predicted that Dubai will have another active year in 2023.
Dubai's real estate market has been rebounding strongly since the pandemic-induced slowdown in 2020. The city's successful vaccination campaign, combined with government initiatives to boost the economy, has fueled demand for property in the emirate. Investors, both domestic and foreign, have been showing a strong interest in Dubai's real estate market, drawn by the city's attractive lifestyle, tax-free environment, and world-class infrastructure.
According to the Dubai Land Department, the first quarter of 2022 saw a total of 11,066 real estate transactions worth AED37.2 billion ($10.1 billion). This represents a 37% increase in the number of transactions and a 51% increase in the total value compared to the same period last year.
In addition, the Dubai real estate market is set to see several major projects completed in the coming years, including the Dubai Expo 2020 site, which is expected to attract millions of visitors and boost demand for residential and commercial property. Other major developments include the Dubai Harbour, a new luxury marina and cruise port, and the Deira Islands, a massive mixed-use development that includes hotels, retail, and residential units.
Overall, the Dubai real estate market is expected to remain strong in the coming years, with a steady stream of demand from both local and international investors.
