Dubai, UAE — Dubai’s real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on Tuesday, Dubai Land Department said.
The deals include 433 sales transactions worth AED1.7 billion, in addition to 90 mortgage deals totaling AED270.28 million, and 37 gift deals amounting to AED69.36 million.
The sales included 405 villas and apartments worth AED954.83 million, and 28 land plots worth AED744.62 million.
The mortgages included 76 villas and apartments worth AED238.05 million and 14 land plots valued at AED32.23 million.
The emirate’s real estate market has recorded its highest semi-annual sales figures ever, with 61,000 deals worth AED 179.34 billion ($47.8 billion) taking place in the first half of 2023, according to W Capital Real Estate Brokerage.
CEO of W Capital, Al Zarooni, said the growth rate in terms of sales value amounted to 57 percent on an annual basis during the first six months of 2023, compared to AED 114.5 billion in the previous year, and in terms of the number of deals by about 42 percent, compared to 42,971 deals last year.
“During June 2023, a total of 10,405 real estate sales deals with total value of AED 30.3 billion, which is the highest number ever for the month of June, exceeding the historical number recorded in 2009 with a value of AED 22.92 billion.
He said that the strong demand for real estate in Dubai is expected to continue in the second half of the year, and that the market could see record sales for the full year.
“The first half of this year recorded the best semi-annual performance in history, benefiting from the supportive factors within the market and the continued economic momentum,” he added.