Dubai, UAE—A total of 1,600 real estate transactions worth over AED4.8 billion ($1.3 billion) were conducted during the week ending 30 Nov 2022 in Dubai, according to figures released by the Dubai Land Department (DLD).
The DLD said that the emirate saw the sale of 176 plots for AED998.19 million, as well as 1,052 apartments and villas for AED 2.32 billion.
Jabal Ali First recorded the most transactions for this week with 81 sales worth AED285.43 million, followed by Al Hebiah Fifth with 50 sales transactions worth AED141.87 million, and Al Yufrah 2 with 6 sales worth AED8 million.
The top three transfers for apartments and villas were an apartment was sold for AED38 million in Jumeirah Second, and another for AED 37 million in Palm Jumeirah, with a third being sold for AED35 million in Al Barsha First.
The sum of mortgaged properties for the week stood at AED1.37 billion. Meanwhile, 38 properties were granted between first-degree relatives worth AED 113 million.
Emirate’s AI embrace
Dubai’s real estate sector is embracing the latest technologies to develop the industry and make it more accessible and convenient for the clients.Â
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.
Read full story here: Dubai’s real estate builds on AI to boost sales
Outlook bright
The swift recovery from the effects of Covid-19 is expected to contribute to a rise in demand for luxury real estate units in the UAE by more than 30 percent at the beginning of 2023 compared to 2022.
The UAE real estate market will still require new projects to focus on innovation and sustainability, but with more diverse standards commensurate with different categories, growth of opportunities, and the high pace of demand during the following year, given the rising inflation rates and the effects of global geopolitical events on the Arab Gulf states.
Read full story here: Innovation, sustainability to boost UAE real estate demand as market recovers from coronavirus impact