Dubai records over AED1 billion in real estate transactions on one day

The emirate’s real estate market has been on an upward spiral in the recent weeks, recording transactions over $1 billion in several days, as it continues with its post-pandemic recovery

The Dubai real estate market recorded transactions to the tune of over AED1 billion on Wednesday, July 13, according to data released by Dubai’s Land Department (DLD).

The transactions included 304 sales deals amounting to AED735.85 million, 77 mortgage deals of AED263.54 million and 12 gift deals worth AED24.3 million.

The sales included 282 villas and apartments worth AED651.17 million, and 22 land plots worth AED84.68 million, while mortgages included 65 villas and apartments worth AED136.77 million and 12 land plots valued at AED126.77 million.

The Dubai real estate market has been on an upward spiral in recent weeks, recording transactions over $1 billion in several days, as it continues with its post-pandemic recovery.

The emirate’s real estate market recorded transactions of around $1.06 billion (AED 3.9 billion) in value on Thursday last week, which included 563 sales deals amounting to AED 3.46 billion and 96 mortgage transactions amounting to AED 91.24 million.

Dubai witnessed a record AED 22.7 billion real estate sales transactions last month – highest sales figures in the last 13 years – and reaching almost 71 percent of the total 2021 sales volume.

The June transaction figures were 32.88 percent higher in volumes and 24.21 percent in value terms on a sequential basis, compared to May 2022.

For the April-June quarter, Dubai’s property market transactions amounted to AED 59.29 billion, up by 6.81 percent compared to Q1 2022.

Source: Arabian Business