The exceptional performance in the Dubai real estate sector continues, supported by the emirate’s increasing attractiveness as a destination for businesses and the wealthy and a preferred city for living and working. Real estate sales in the first 200 days of the year recorded about 266 billion dirhams, constituting 50.7% of last year’s total sales, which amounted to 401 billion dirhams.
Data from the Land Department showed that Dubai real estate sales increased by about 30% from the first of January 2024 until the 19th of this month, i.e. 200 days, to 266.7 billion dirhams through 90,647 transactions, compared to the same period last year, which recorded about 205 billion dirhams.
These exceptional data express the continuing momentum in the real estate market in Dubai and its high attractiveness to local and international investors, especially since these numbers recorded since the beginning of this year are so far superior to the numbers of 2023, which was historic by all standards.
In addition, the total transactions in the Dubai real estate market recorded 389 billion dirhams, resulting from 113,534 deals, with sales recorded at 266.7 billion dirhams, resulting from 90,647 deals, mortgages, 99.73 billion dirhams, resulting from 18,265 deals, and gifts of more than 23.41 billion dirhams, resulting from 4,622 deals.
Business Bay topped the regions in terms of sales value with 15.7 billion dirhams, resulting from 6,549 deals. Jumeirah Village Circle came second with 9,148 deals worth 10.5 billion dirhams, then the Palm Jumeirah area with 951 deals worth 10.2 billion dirhams, followed by the Burj Khalifa area with 2,348. A deal worth 9.9 billion dirhams, and fifth is the Dubai Hills area, with 2,895 deals worth 8.5 billion dirhams.
Last week, real estate transactions at the Dubai Land Department recorded more than 19.43 billion dirhams, resulting from 5,562 transactions. The department witnessed the recording of more than 4,475 sales transactions worth 14.66 billion dirhams, 767 mortgage transactions worth 3.7 billion dirhams, and 320 gift transactions worth 1.07 billion dirhams.
The weekly sales deals were divided into 472 land sales, 3614 residential units, and 389 buildings. Mortgage deals included 206 land mortgages, 503 residential unit mortgages, and 98 building mortgages.