Dubai real estate market recorded 396 sales transactions worth AED845.37 million, in addition to 110 mortgage deals of AED376.93 million, and 11 gift deals amounting to AED96.55 million on Tuesday, data released by Dubai’s Land Department (DLD) showed.
Dubai’s red-hot property market surged in the first half of the year as investors piled in, while Russians were among the top five buyers as the emirate benefits from an influx of wealth in the wake of Western sanctions.
The first half saw residential real estate transaction volumes up 60% with an 85% rise in the value of the property sold, property consultancy Betterhomes said. The sales included 356 villas and apartments worth AED693.98 million, and 40 land plots worth AED151.4 million, while mortgages included 94 villas and apartments worth AED286.71 million and 16 land plots valued at AED90.21 million, bringing the total realty transactions of today to over AED1.2 billion.
The top buyers were from India, the United Kingdom, Italy, Russia, and France, in that order, followed by Canada, the United Arab Emirates, Pakistan and Egypt tied in eighth place, Lebanon, and China. Demand was boosted by geopolitical instability in Europe and mortgage buyers looking to get in ahead of well-telegraphed interest rate hikes as central banks tackle inflation, Betterhomes said.
In the first half of the year, a record 37,762 units were sold, it said, citing Dubai Land Department data. Total transactions in the residential property market amounted to nearly 89 billion dirhams ($24.23 billion), it added. Dubai’s property market began recovering from 2020’s severe downturn early last year with buyers snapping up luxury units as the emirate eased pandemic restrictions faster than most cities around the world. However, S&P Global Ratings said in October that Dubai’s real estate recovery was fragile and uneven, and an oversupply of residential properties would pressure prices in the long run.
