Dubai, UAE — Dubai real estate market recorded deals worth more than AED 1.7 billion (on Thursday, Dubai Land Department data shows.
The deals include 451 sales transactions worth AED1.48 billion, in addition to 110 mortgage deals of AED245.8 million, and 13 gift deals amounting to AED46.2 million.
The sales included 427 villas and apartments worth AED1.33 billion, and 24 land plots worth AED146.44 million.
The mortgages included 98 villas and apartments worth AED184.63 million and 12 land plots valued at AED61.17 million.
April 2023 was the best month in a decade for Dubai’s real estate market, both in terms of the number of transactions and the value of these deals.
The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022, according to the recent data by Property Finder, a property portal.
The value of the transactions witnessed a surge of 46 percent compared to the same month last year, reaching AED 26.5 billion ($7.21 billion).
The data said 58.2 percent of people who desire to own property were looking for an apartment, while 41.8 percent were interested in villas/townhouses. The month saw an increase in the percentage of investors or home seekers looking for apartments from 55.8 percent in April 2022 to 58.2 percent. Among home seekers, the most commonly searched apartment size was two-bedroom, accounting for 35.2 percent, followed by one-bedroom apartments at 31 percent.
The emirate’s real estate sector recorded deals worth AED157 billion ($42.75 billion) in the first quarter of 2023, an 80 percent increase from the same period last year.
Transactions worth AED528 billion were recorded during the year 2022, a 44.7 percent increase in volume and 76.5 percent increase in value compared to 2021.
While a total of 38,700 were recorded in Q1 2023, the number was 26,000 (valued at AED87 billion) in Q1 2022.