DUBAI: Dubai’s real estate market recorded 283 sales transactions worth AED 580.54 million ($158 million) and 48 mortgage deals of AED104.87 million in addition to 12 gift transactions amounting to AED22.86 million on Wednesday, totaling AED 708 million ($192.7 million).
The emirate’s Land Department (DLD) data said the sales covered 194 units, 31 buildings, and 58 land plots, while the mortgages included 20 units, 5 buildings and 23 land plots.
The value of residential transactions increased by nearly 50 percent during the Q2 2021 compared to the previous quarter as positive market sentiment and continued international buyer interest drove sales, according to a recent report by Chestertons, an international real estate services firm.
The total residential value recorded was AED31.02 billion ($8.4 billion), up from AED20.77 billion the previous quarter, reaching its highest level since Q4 2013, when residential sales totaled AED 31.67 billion.
Residential transaction volume totaled 14,426 units, a rise of 35.48 percent from Q1 2021, the report said.
Completed property sales accounted for 71 percent of total transaction value and 59 percent of volume in the second quarter, with off-plan sales yet to approach their pre-pandemic share.
Chris Hobden, Head of Strategic Consultancy, Chestertons MENA, said increased international interest has been a key factor in driving residential transactions to near-record levels.
He said Dubai’s handling of Covid-19 pandemic has supported the post-lockdown demand from buyers who are drawn by visa reforms, the emirate’s quality of life and comparatively attractive pricing.
“We have seen a clear improvement in market sentiment among UAE residents this year, with a desire to buy ahead of anticipated price rises, coupled with favorable mortgage rates and generous developer incentives, spurring sales,” he said.