The real estate market in Dubai witnessed its highest historical performance since the beginning of 2024, after recording sales worth 426.9 billion dirhams, which exceeds the sales of the entire last year, which recorded 401 billion dirhams.
Monitoring conducted by Emirates Today, based on indicators of the Dubai Rest platform of the Dubai Land Department, showed that the volume of sales amounted to 147,788 real estate transactions from the beginning of the year until October 25, distributed among 118,712 residential units and 13,801. A building, and 15,275 lands.
Mortgage
The data showed that real estate mortgage transactions worth 143.82 billion dirhams were recorded in the first ten months of the year, carried out through more than 29,000 transactions, distributed among 20,958 housing units, 4,426 buildings, and 7,678 lands. The data showed that donations recorded transactions worth 39.22 billion dirhams, after implementing 6,900 transactions, distributed among 5,195 housing units, 416 buildings, and 1,289 lands.
October is exceptional
October sales were, so far, exceptional as they are considered the highest historically on a monthly basis, also after recording 52.63 billion dirhams, exceeding the previous record for one month, last July, with a value of 50.78 billion dirhams, with a growth of 34.3%, compared to about 39.2 billion dirhams recorded. In October 2023, in full.
This October’s sales resulted from 17,420 transactions, while there are only a few days left until the end of the month.
Weekly transactions
At the level of weekly transactions, real estate transactions in Dubai recorded more than 14.97 billion dirhams during the past week, which included sales worth 10.67 billion dirhams after implementing 3.6 thousand transactions.
The “Ghadeer Al-Tair” area topped the list of areas, in terms of sales volume, with a value of 1.8 billion dirhams, resulting from 113 deals, then “Wadi Al-Safa 5” came second with about 438.13 million dirhams, resulting from 225 deals, followed by “Business Bay” with 437.15 million dirhams. Through 172 transactions.
The total value of the mortgage during the past week amounted to 3.36 billion dirhams, after implementing 837 procedures, compared to transactions worth 2.92 billion dirhams in the previous week after implementing transactions that recorded 919 procedures.
The total value of real estate donations last week amounted to about 947.56 million dirhams, after 209 transactions were carried out, compared to 425.99 million dirhams in the previous week through 125 transactions.
Big demand
The continued prosperity of the real estate sector in Dubai comes in light of the great demand from investors, businessmen and wealthy individuals for luxury and ultra-luxury real estate in the emirate, which has strengthened the city’s reputation as a first-class investment point, according to data from the real estate research and data platform “Property Monitor.”
Dubai real estate has continued to achieve record numbers since the beginning of this year, as expectations indicate that the market is preparing for a new peak in sales and prices by the end of 2024, thus surpassing the results achieved at the end of last year, which was considered the best for the market by all standards, thanks to 401 billion dirhams of… Sales, in addition to recording the most expensive real estate deal in the history of the market at 500 million dirhams.
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