Property market deals in Dubai hit yet another high on Thursday, January 5, with the total value of transactions almost doubling from that of the previous day to reach AED2.8 billion.
The residential property market deals in the emirate on Wednesday were to the tune of AED1.53 billion.
Thursday’s property deals included 516 sales transactions worth AED1.73 billion, 71 mortgage deals of AED596.74 million and 26 gift deals amounting to AED503.85 million, according to data from Dubai’s Land Department (DLD).
The sales included 455 villas and apartments worth AED1.5 billion and 61 land plots worth AED235.09 million.
The mortgages included 63 villas and apartments worth AED537.64 million and 8 land plots valued at AED59.1 million.
The Dubai real estate market has been on a bull run for the last several months, with transactions recording a jump of 61 percent since 2021, exceeding AED240 billion in 2022, according to a recent real estate agency report.
The growth is attributed to a maturing market and intention for people to stay in Dubai for longer as well as an increase in demand for villas and townhouses.
The report said investors were being offered a wider range of options as increased demand is projected to outperform supply in the coming year.
The Dubai Land Department recently announced a new strategic plan for further development of the sector, in line with the national agenda to build a better economy while ensuring consistency with current and future global developments and practices.
Follow us on
