Dubai real estate market recorded real estate transactions worth $490 million (AED 1.8 billion) on Tuesday, May 17.
The real estate transactions included 391 sales transactions worth AED 1.4 billion and 60 mortgage deals worth AED 336.86 million.
The sales included 342 villas and apartments worth AED 1.11 billion, and 49 land plots worth AED 295.09 million.
The mortgages included 51 villas and apartments worth AED 219.65 million and nine land plots valued at AED 117.21 million, bringing the total realty transactions on Tuesday to more than AED 1.8 billion.
The realty transaction also included 57 gift transactions amounting to AED 64.67 million on Tuesday, according to data released by the Dubai Land Department (DLD).
In April 2022, Dubai witnessed 6,983 real estate sales transactions worth $4.9 billion (AED 18.2 billion), recording the highest ever for the month since 2009.
Secondary market sales transactions, comprising 60 percent of the total, constituted 4,212 transactions worth AED 12.86 billion, while off-plan properties, comprising the remaining 40 percent, constituted 2,771 properties worth a total of AED 5.33 billion in the month of April.
Looking ahead, property agent haus & haus has released a bullish report into Dubai’s property market, with its managing director predicting prices to as much as double within the next 10 years.
Over the next decade, Dubai’s growing population of long-term residents is expected to absorb the shrinking supply of new properties and investors will continue to put their money in businesses in the region, according to the haus & haus updated investment guide for 2022.
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