Dubai Real Estate Market New Records -AED1.8bn.
The Dubai real estate market will stay resilient despite fears of a worldwide economic recession or a downturn in major economies this year. Dubai’s real estate industry has been a crucial engine of the UAE’s economic growth over the last few decades, attracting investors from all over the world with its opulent developments and tax-free environment.
With its favorable tax rules, growing economy, and world-class infrastructure, Dubai’s real estate market has always been a popular choice for international investors. Nonetheless, property demand has risen to unprecedented levels in recent months, culminating in record-breaking sales figures.
With skyrocketing property prices and new residential and commercial projects, the sector has enjoyed substantial expansion in recent years. According to Unique Properties, a real estate business in Dubai, the market will top Dh 240 billion in 2022, representing a 61% increase from 2021.
According to industry experts, the real estate market’s buzz can be ascribed to a number of causes, including the country’s successful Covid-19 vaccination campaign, Expo 2020, and the UAE’s newly introduced long-term visa system. These elements have contributed to the country’s general economic growth, making it a favorable climate for real estate investment.
Notwithstanding the excitement and buzz surrounding the real estate market, experts encourage investors to proceed with prudence and due diligence before making investment decisions. There are inherent dangers in any market, and investors should seek professional guidance to make informed selections. Currently, especially in light of the worldwide revocation.
Thursday, property transactions included AED1.44 billion in sales, AED351.4 million in mortgages, and AED63.78 million in gift deals. The mortgages included 75 villas and apartments worth AED118.04 million and 19 land plots valued at AED233.36 million. According to the city’s land department, 208 plots sold for AED1.12 billion ($305 million), while 2,906 apartment and villa transactions totaled AED6.25 billion ($1.7 billion).
Last week in Dubai real estate-
Last week’s top three deals were three lands in Al Jadaf that sold for AED38.5 million ($10.4 million), AED38.5 million ($10.4 million), and AED37 million ($10.1 million), respectively.
Al Hebiah Fifth had the most sales transactions for the week, with 88 worth AED232.71 million ($63 million), followed by Jabal Ali First with 22 worth AED72.92 million ($20 million), and Madinat Hind 4 with 20 worth AED25 million ($7 million).
Last week’s top three apartment and villa transfers were a villa in Palm Jumeirah sold for AED150 million ($41 million), an apartment in Island 2 sold for AED80 million ($22 million), and another in Palm Jumeirah sold for AED65 million ($17.7 million).
