Dubai, UAE — Dubai real estate market recorded deals worth AED1.8 billion ($490 million) on Thursday, Dubai Land Department said.
The deals included 502 sales transactions worth AED1.2 billion, in addition to 98 mortgage deals of AED388.51 million, and 66 gift deals amounting to AED212.62 million.
The sales included 461 villas and apartments worth AED881.84 million, and 41 land plots worth AED318.68 million. Mortgages included 76 villas and apartments worth AED182.63 million and 22 land plots valued at AED205.88 million.
The emirate witnessed more than 86,000 residential real estate sales in 2022, surpassing the record of 80,000 registered in 2009, with a total value of US$143 billion, according to the Dubai Government Media Office, describing the matter as an “extraordinary” achievement.
It said that the real estate sector in the emirate has posted exceptional results, achieving a growth rate of 44.7 percent in terms of volume, and 76.5 percent in terms of weight compared to 2021.” The real estate sector makes up about a third of Dubai’s economy.
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