Dubai Residential Real Estate Transactions Surges to Hit US $653.4 million on Tuesday 9th August 2022

Date: August 2022

Location: Dubai.UAE

What Did They Say: Residential sales hit AED2.4bn on Tuesday, 50% higher than Monday (AED 1.6bn)

Who They: Dubai’s Land Department

Main photo: Jumeirah Village Circle Dubai

The residential property deals in the Dubai real estate market shot up on Tuesday to hit AED 2.4 billion ($653.4 million), 50 percent higher than the AED 1.6 billion transactions recorded on Monday.

Tuesday’s property deals in the emirate included 436 sales transactions worth AED 971.4 million, 101 mortgage deals of AED 1.38 billion and 17 gift deals amounting to AED 55.13 million, according to Dubai’s Land Department (DLD) data.

The sale deeds included 360 villas and apartments worth AED738.88 million and 76 land plots worth AED232.51 million.

The mortgages included 88 villas and apartments worth AED1.24 million and 13 land plots valued at AED147.64 million.

Barring few days in the last week, when there was slight fall in the value of the total property deals, the Dubai real estate market has been on an upswing in recent weeks, recording transactions over $ 1 billion on several days, with the single day transactions posted in July were in the range of AED 1 billion to AED AED 3.9 billion.

Dubai witnessed a record AED 22.7 billion real estate sales transactions in June – highest sales figures in the last 13 years – and reaching almost 71 percent of the total 2021 sales volume.

The June transaction figures were 32.88 percent higher in volumes and 24.21 percent in value terms on a sequential basis, compared to May 2022.

For the April-June quarter, Dubai’s property market transactions amounted to AED 59.29 billion, up by 6.81 percent compared to Q1 2022. 

THPT Comment: OK it’s just two days…and it reflects what’s happening in the world of Residential…but it must have a knock on effect on hotels

First Seen: Arabian Business

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