After hitting a low of AED888 million on Wednesday last week, the Dubai real estate market showed signs of quick recovery this week, with property deal transactions worth AED1.6 billion on Monday, August 9.
According to data provided by Dubai’s Land Department (DLD), Monday’s transactions comprised 376 sales deals totaling AED 897.38 million, 122 mortgage deals totaling AED 704.22 million, and 13 gift deals totaling AED 23.3 million.
The sales included 78 land plots for AED295.34 million, as well as homes and apartments worth AED602.04 million.
Dubai’s real estate market had sales totaling AED59.29 billion from April to June, an increase of 6.81 percent over Q1 2022.
The Dubai real estate market has been on the rise in recent weeks, with some days seeing sales above $1 billion. On July 25, 22, 13, and 7, for example, there were single-day deals exceeding AED1.2 billion, AED1.4 billion, AED1 billion, and AED3.9 billion.
Real estate sales in Dubai reached a record AED22.7 billion in June, the highest level in the previous 13 years, and they accounted for about 71 percent of the country’s 2021 sales volume.
On a sequential basis, the June transaction data were 32.88 percent higher in terms of volumes and 24.21 percent higher in terms of value than May 2022.