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Real estate deals in Dubai hit $490 million on Wednesday

Posted by Martins Olise on August 1, 2022
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The deals included 344 sales transactions worth AED 1.09 billion, 98 mortgage deals of AED 405.08 million and 16 gift deals amounting to AED 366.51 million

The Dubai real estate market kept up the tempo on sales, reporting a total transaction of AED1.8 billion on Wednesday, July 27, much higher than the AED1.2 billion transactions registered on Monday.

The Wednesday’s property deals included 344 sales transactions worth AED1.09 billion, 98 mortgage deals of AED405.08 million and 16 gift deals amounting to AED366.51 million, according to data released by Dubai’s Land Department (DLD).

The sale deals included 288 villas and apartments worth AED743.31 million and 56 land plots worth AED346.25 million.

The mortgages included 68 villas and apartments worth AED227.82 million and 30 land plots valued at AED177.26 million.

The Dubai real estate market has been on an upward spiral in recent weeks, recording transactions over $1 billion on several days, with the single day transactions hitting over AED1.4 billionAED1 billion and AED3.9 billion on July 22, 13 and 7 respectively.

Dubai witnessed a record AED22.7 billion real estate sales transactions last month – highest sales figures in the last 13 years – and reaching almost 71 percent of the total 2021 sales volume.

The June transaction figures were 32.88 percent higher in volumes and 24.21 percent in value terms on a sequential basis, compared to May 2022.

For the April-June quarter, Dubai’s property market transactions amounted to AED59.29 billion, up by 6.81 percent compared to Q1 2022.

 

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