After Sharjah and Abu Dhabi, Dubai is the latest emirate to showcase a massive surge in revenue collection with regard to the real estate industry.
According to the Dubai Land Department, the Dubai real estate market recorded transactions worth $490m (AED1.51bn) on Monday.
The prospering Dubai real estate market didn’t slow down as a new week began and transactions kept flying.
Value of sales made up the largest percentage of reported transactions, totaling $378 million (AED 1.39 billion). Gift deals totaling $3 million (AED11.29 million) and mortgage deals totaling $107 million (AED 393.42 million) were also made.
The sale of 508 villas and apartments worth AED1.09 billion, the mortgage of 81 villas and apartments worth AED 331.43 million, and the purchase of 26 land plots worth AED 55.68 million totaled more than AED 1.8 billion in real estate expenditures.
The Trend In Dubai Real Estate Growth
This year, the real estate market in Dubai has grown significantly.
According to a recent industry report, the real estate market saw investments worth almost $44 billion (AED 160 billion) in the first eight months of 2022.
The report states that as a result of the removal of all Covid-19 restrictions and market-friendly policy initiatives, a variety of residential plots, apartments, and villas have been bought more quickly.
The Boom In Real Estate Transactions: 2022 In A Blink
According to news reports from the previous week, Dubai real estate prices should stabilize soon, but overall, the market is being driven by the sound fundamentals of UAE real estate, according to Mohammad Al Shehhi, CEO of ARM Holding.
The number of transactions in the Dubai real estate market reached an all-time high recently, setting new records in the process.
Despite adverse global economic conditions, the emirate attracted a record Dh24.3 billion in investment through 9,720 sales deals back in August. As per the most recent data, it was the best-performing month in 12 years in terms of the volume and value of sales transactions.
Just in the first eight months of 2022, the emirate’s real estate market attracted investments totaling nearly Dh160 billion as investors bet on Dubai’s continued growth and rushed to buy villas, apartments, and residential plots to live luxuriously in the UAE.
Analysts and real estate experts predicted that if the upward trend keeps up its current pace, sales transactions could surpass forecasts by year’s end.
Despite some government-imposed cooling measures, sales of Dubai real estate exceeded Dh20 billion for a third consecutive month. Through 8,897 and 7,092 transactions, it generated Dh22.75 billion in sales in June and Dh21 billion in July.
Keeping track of the boom, Property Finder, the top proptech company in the Middle East, North Africa, and Turkey, reports that the volume has increased by about 37.1% in August over the previous month and by 69.6% over the same month last year. The value of August increased by 16.1% from month to month and by about 63.6 percent from year to year.