Dubai real estate market recorded 391 sales transactions worth AED 1.4 billion ($381 million) and 60 mortgage deals of AED 336.86 million, in addition to 57 gift transactions amounting to AED 64.67 million Tuesday, data released by the emirate’s Land Department (DLD) showed.
The sales included 342 villas and apartments worth AED 1.11 billion, and 49 land plots worth AED 295.09 million, while 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 of today to over AED 1.8 billion ($490 million).
Dubai 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.