Dubai real estate market records AED2bn property deals on Tuesday
17 May 2023, Arabian Business
Tuesday’s deals included 512 sales transactions worth AED1.39 billion, 98 mortgage deals of AED562.97 million, and 23 gift deals amounting to AED59.9 million.
The Dubai real estate market recorded property deals to the tune of over AED 2 billion on Tuesday, reflecting the continued demand for property assets in the city.
Tuesday’s deals included 512 sales transactions worth AED1.39 billion, 98 mortgage deals of AED562.97 million, and 23 gift deals amounting to AED59.9 million, data released by Dubai’s Land Department (DLD) showed.
The sales included 463 villas and apartments worth AED1.08 billion, and 49 land plots worth AED315.57 million.
The mortgages included 80 villas and apartments worth AED185.48 million and 18 land plots valued at AED377.49 million.
The emirate’s property market has been booming for the last few years, riding on the increased foreign investor interests. The real estate transactions in the city hit $7.2bn in April, 46 percent up on last year, according to data by Property Finder.
According to the Dubai property specialist, April 2023 saw 8,077 real estate transactions, recording a 17 per cent increase in volume compared to 6,898 in the same year-ago period.
It marked the highest transaction volume and value for the month of April in a decade.