Dubai real estate market recorded AED1.8 billion worth of transactions on Wednesday, January 11, reflecting the upbeat market conditions in the emirate.
Wednesday’s property deals included 461 sales transactions worth AED1.43 billion, 89 mortgage deals of AED350.12 million and 15 gift deals amounting to AED55.11 million, data by Dubai’s Land Department (DLD) showed.
The sales included 424 villas and apartments worth AED1.14 billion and 37 land plots worth AED292.67 million.
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The mortgages included 64 villas and apartments worth AED229.73 million and 25 land plots valued at AED120.39 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.
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