Dubai, UAE—Dubai real estate market recorded realty deals worth AED2.2 billion ($598 million) on Tuesday, according to the data by the Dubai Land Department.
The deals include 544 sales transactions worth AED1.64 billion, in addition to 78 mortgage deals of AED590.54 million. The sales included 444 villas and apartments worth AED1.01 billion, and 100 land plots worth AED633.18 million, while mortgages included 60 villas and apartments worth AED 477.96 million and 18 land plots valued at AED112.59 million.
Residential properties in the UAE remain a top priority for international real estate investors. Experts attribute the main reasons for the increase in demand to the government’s numerous initiatives and the high level of income.
According to consulting firm reports, all segments of the property market are growing. This is even though the real estate market has faced challenges in recent months, such as inflation. Read here: Residential properties in UAE remain key attraction for international real estate investors
Luxury Market Thrives
An increased number of high-end investors look to Dubai as a hub of opportunity and stability. Numerous celebrities—including the likes of Brad Pit, Madonna and Giorgio Armani—have already invested into Dubai’s real estate market prior to the pandemic. Now billionaires started relocating not only their families, but also businesses to Dubai and more are expected to come with the UAE Central bank forecasting a 4.2 per cent GDP growth for 2022, double of that achieved in 2021. As the number of investors rises, so are the high-end luxury real estate market opportunities.
AI Powered Growth
Dubai’s real estate sector is embracing the latest technologies to develop the industry and make it more accessible and convenient for the clients.
AI algorithms have made it possible for real estate agents to find more qualified leads and make more sales. Further, AI can aid investors in deciding when it is best to make a purchase or sell an asset.
Real estate investors and brokers are becoming more confident in Dubai as the city’s many innovative systems keep tabs on the city’s skyscrapers and the units available for housing and renting. The use of technology in Dubai has become a necessity, starting with the various government institutions and all parties engaged in the real estate sector.