Dubai’s real estate market recorded 246 sales transactions worth AED610.89 million and mortgage deals of AED151.82m in addition to 10 gift transactions amounting to AED17.58m Monday, data released by the emirate’s Land Department (DLD) showed.
The sales covered 223 villas and apartments worth AED503.64m, and 23 land plots worth AED107.25m, while the mortgages included 38 villas and apartments worth AED110.84m and 18 land plots valued at AED40.99m, bringing the total realty transactions of Monday to AED780m.
In November, property prices hit an eight-year high. The month saw 7,000 sales transactions, worth AED17.96 billion.
Dubai’s property market, hard hit by Covid-19 that brought construction to a standstill while sales stalled amid a global economic downturn, has begun recovering. Dubai property prices grew by 21 percent in the first ten months of the year, driven by demand in prime areas across the emirate, according to Zoom Properties.
Villa prices had risen rapidly in previous months, but by November, they had slowed to sustainable levels. According to the ValuStrat Price Index, annual apartment price growth stayed in single digits while villa prices have risen by up to 34 percent since November 2020.
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