Dubai, UAE — Dubai real estate market recorded real estate transactions worth AED 2.5 billion ($680 million) on Thursday, Dubai Land Department said.
The transactions included 744 sales worth AED2 billion, in addition to 153 mortgage deals of AED542.55 million, and 27 gift deals amounting to AED31.3 million.
The sales included 688 villas and apartments worth AED1.56 billion, and 56land plots worth AED435.15 million.
The mortgages included 122 villas and apartments worth AED319.55 million and 31 land plots valued at AED223 million, bringing the total realty transactions of today to over AED2.5 billion.
Dubai has long been regarded as a prime location for real estate investment, and 2023 will be no different. With its thriving real estate market, dynamic economy, favorable government policies, and robust infrastructure, the city continues to attract both local and international investors.
Although the market suffered during the pandemic, there were visible signs of recovery in the first half of 2022. However, with the global economic crisis and high inflation rates in most countries, the question today is whether real estate is a good investment compared to other options such as stock markets or gold.
Read: Dubai real estate sector strengthens on investors’ confidence
Current market conditions suggest investing in real estate assets is a good time, particularly in the beachfront destinations. These destinations are likely to represent a major growth driver for the UAE’s prime real estate sector in 2023, and there are no signs that this trend will decrease over the coming years.