Thursday, August 11, 2022

Dubai real estate market hits another high at $707.9 million on Wednesday


The emirate’s residential property market has been on an upswing in recent weeks, recording transactions over $1 billion on several days

 


The boom in the Dubai real estate market continued, with the emirate’s residential property market deals hitting another high – at AED2.6 billion ($707.9 million) – on Wednesday, August 10.

The value of residential property deals in Dubai was to the tune of AED2.4 billion on Tuesday, which was 50 percent higher than that recorded in the previous day, according to Dubai Land Development data.

The details of Wednesday’s property transactions were not immediately available.

Barring few days in the last week, when there was slight fall in the value of the total property deals, the Dubai real estate market has been on an upswing in recent weeks, recording transactions over $ 1 billion on several days, with the single day transactions posted in July were in the range of AED 1 billion to AED AED 3.9 billion.

Dubai witnessed a record AED 22.7 billion real estate sales transactions in June – 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 AED 59.29 billion, up by 6.81 percent compared to Q1 2022. 

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