Dubai real estate market recorded 454 sales transactions worth AED1.24 billion ($337 million), in addition to 96 mortgage deals .of AED259.02 million, and 22 gift deals amounting to AED150.27 million on Wednesday, data released by Dubai’s Land Department (DLD) showed.
The sales included 436 villas and apartments worth AED1.1 billion, and 18 land plots worth AED148.73 million, while mortgages included 92 villas and apartments worth AED206.75 million and four land plots valued at AED52.27 million, bringing the total realty transactions of today to over AED1.6 billion ($435 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.