Last Updated on: 11th July 2023, 11:20 am
Dubai Sees Real Estate Transactions Valued At AED 1.5 Billion in One Day
The Dubai Land Department (DLD) has announced that on 4th January 2023, real estate transactions worth more than AED 1.5 billion were completed in a single day in the metropolis.
A total of 437 deals worth AED1.02 billion were completed, along with 153 mortgage deals worth AED402.94 million and 43 mortgage and gift deals worth AED109.91 million, according to DLD data.
The sale included 402 villas and apartments valued at AED877.42 million and 35 plots of land valued at AED143.68 million. Meanwhile, the mortgages included 139 villas and apartments for AED226.2 million and 14 plots of land for AED176.74 million.
DLD statistics further suggest that property prices in Dubai increased by 20-40% between December 2021 and December 2022, mainly due to the arrival of millionaires and billionaires in the metropolis for the 2022 FIFA World Cup in Qatar.
Dubai’s upscale Palm Jumeirah also saw prices rise 59% over the same period.
Recent reports show that Russian investors dominate the general real estate sector in the UAE. The United Arab Emirates, especially Dubai, has shown excellent economic performance compared to the world situation.
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