Dubai real estate transactions soften on Wednesday with $241.8 million

The Dubai real estate market witnessed a decline in residential property deals on Wednesday, August 3, at AED888 million ($241.8 million), compared to AED1.2 billion registered in the previous day.

Wednesday’s property deals in the emirate included 310 sales transactions worth AED 668.1 million, 86 mortgage deals of AED 163.78 million and 18 gift deals amounting to AED 56.24 million, according to data released by Dubai’s Land Department (DLD).

The sales included 250 villas and apartments worth AED 450.41 million and 60 land plots worth AED 217.69 million.The mortgages included 72 villas and apartments worth AED 116.92 million and 14 land plots valued at AED46.85 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 AED 1.2 billion, AED 1.4 billion, AED 1 billion and AED 3.9 billion on July 25, 22, 13 and 7 respectively.

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. 

Credit & Source : https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-transactions-soften-on-wednesday-with-241-8-million