According to the information provided by the Dubai Land Department, on August 2, 2022, a contract was concluded in Dubai:
- 396 transactions worth AED 845.37 million;
- 110 mortgage transactions in the amount of AED 376.93 million;
- 11 deals as gifts in the amount of AED 96.55 million.
The total value of Dubai real estate sold on August 2 amounted to AED 1.2 billion. This suggests that the dynamics in the local residential market, which could be observed over the past few months, has not yet faded.
In total, 356 villas and apartments worth AED 693.98 million and 40 land plots worth AED 151.4 million were sold on Tuesday. Mortgage transactions included 94 villas and apartments in the amount of AED 286.71 million and 16 land plots in the amount of AED 90.21 million.
These are impressive figures, but the cumulative value of Dubai real estate sold on July 27 was significantly higher (AED 1.8 billion).
The Dubai real estate market has been on the rise for the past few weeks. The total value of the real estate sold during the previous few days exceeded $1 billion. And on July 22, 13 and 7, the volume of transactions exceeded AED 1.4 billion, AED 1 billion and AED 3.9 billion dirhams, respectively.
In June, a record number of transactions worth AED 22.7 billion were made in Dubai. These are the highest figures in the last 13 years. They reached almost 71% of total sales in 2021.
The total value of real estate sold in the quarter from April to June amounted to AED 59.29 billion. This is 6.81% more than in the first quarter of 2022.
Positive market dynamics and government initiatives aimed at attracting capital from abroad have led to a huge influx of foreign investors. They consist mainly of citizens of European countries, Russia, Australia and the UK.
