Dubai real estate market recorded 552 sales transactions worth AED 1.42 billion ($386 million) and 78 mortgage deals of AED 210.62 million, in addition to 20 gift deals amounting to AED 120.57 million Monday, data released by Dubai’s Land Department (DLD) showed.
The sales included 427 villas and apartments worth AED 878.57 million, and 125 land plots worth AED 540.79 million, while mortgages included 72 villas and apartments worth AED181.38 million and six land plots valued at AED 29.23 million, bringing the total realty transactions of today to over AED 1.7 billion.
The emirate’s real estate market recorded the highest number of transactions since 2010 registered in a single quarter and the highest volume since Q1 2014.
According to the Mo’asher, Dubai’s official sales and rental performance index that was launched by Dubai Land Department (DLD) in cooperation with Property Finder, a total of 25,972 real estate transactions were recorded in Q1 2022.
Q1 2022 recorded a total of 20,539 sales transactions worth AED 55.51 billion ($15.11 billion).
The secondary market in Q1 2022 represents 58.05 percent of total sales while the off-plan market represents 41.95.
The quarter had the highest number of rental contracts ever recorded in a single quarter and it had a total of 160,530 rental contracts of which 51.89 percent of contracts were new and 48.1 percent were renewals.
In Q1, 79.95 percent were annual contracts while 20.04 percent were for short term periods.