Dubai, UAE—Dubai real estate market recorded transactions worth AED2.4 billion ($653 million) on Thursday, according to Dubai Land Department.
A total of 842 sales transactions worth AED1.96 billion, in addition to 112 mortgage deals of AED487.55 million, and 17 gift deals amounting to AED30.97 billion were recorded during the day.
The sales included 769 villas and apartments worth AED1.76 billion, and 73 land plots worth AED195.5 million, while mortgages included 81 villas and apartments worth AED429.3 million and 31 land plots valued at AED58.25 million.
Residential properties in the UAE remain a top priority for international real estate investors. Experts attribute the main reasons for the increase in demand to the government’s numerous initiatives and the high level of income.
According to consulting firm reports, all segments of the property market are growing. This is even though the real estate market has faced challenges in recent months, such as inflation.
A new report from JLL real estate agency in Dubai, revealed that the UAE continues to witness a positive trajectory across the residential, office, retail, and hospitality segments in the third quarter of this year.
Overall, the average residential prices in Q3 grew by 9 percent year-on-year in Dubai, while average rental rates saw a 25 percent year-on-year increase, with both sales and rentals being bolstered by stronger demand and increased buyer activity.
Meanwhile, sale prices in the capital grew by 4% year-on-year, while average rents rose by 2% year-on-year.
Read full story here: Residential properties in UAE remain key attraction for international real estate investors