Dubai, UAE – Dubai’s real estate market recorded real estate transactions worth AED1.9 billion ($517 million) on Wednesday, Dubai Land Department said.
The transactions included 505 sales transactions worth AED1.57 billion on Wednesday, in addition to 109 mortgage deals totaling AED278.53 million, and 10 gift deals amounting to AED48.1 million.
The sales included 474 villas and apartments worth AED1.13 billion, and 31 land plots worth AED445.47 million.
The mortgages included 90 villas and apartments worth AED162.14 million and 19 land plots valued at AED116.4 million.
On Tuesday, the emirate recorded deals worth AED1.2 billion ($326 million) , including 433 sales transactions worth AED820.06 million, in addition to 98 mortgage deals of AED419.64 million, and 13 gift deals amounting to AED55.19 million.
The sales included 397 villas and apartments worth AED688.48 million, and 36 land plots worth AED131.58 million.
The mortgages included 77 villas and apartments worth AED226.77 million and 21 land plots valued at AED192.87 million.
UAE luxury realty demand up despite headwinds
The Gulf Cooperation Council region recorded more than $143 billion in real estate sales between Jan and Oct 2022. The UAE alone accounted for more than 48 percent of the value of the sales.
By the end of 2022, the UAE was expected to attract more than 4,000 high-net-worth individuals (HNWIs), according to the latest Henley Global Citizens Report.
In fact, around 25 percent of GCC’s millionaires are moving to the UAE. At the same time, others are relocating to other regions like the UK, US and Europe, says Amoils.
Numerous celebrities—including the likes of Brad Pit, Madonna and Giorgio Armani—have already invested into Dubai’s real estate market prior to the pandemic. Now billionaires started relocating not only their families, but also businesses to Dubai and more are expected to come with the UAE Central bank forecasting a 4.2 per cent GDP growth for 2022, double of that achieved in 2021.