Dubai real estate has reached the AED 400 billion milestone early, as data from the Dubai Land and Property Department showed that total real estate transactions since the beginning of 2024 amounted to AED 399 billion, resulting from 118,410 transactions, compared to AED 304 billion, resulting from 89,824 transactions during the period from the beginning of 2023 until the end of July, with a growth of 31.3% and 32% in terms of value and number.
Sales have made a strong jump since the beginning of the year until Wednesday, July 24, reaching AED 272.7 billion, resulting from 92,710 deals, compared to AED 217 billion through 72,101 deals during the same period in 2022, with a growth of 25.6% and 28.6% in terms of value and number, respectively.
Mortgages during the same period reached AED 102.3 billion, an increase of 45% compared to AED 70.6 billion during the same period in 2023, while donations ranged around AED 24 billion compared to AED 16.7 billion, an increase of 43.7%.
It is worth noting that Dubai real estate sales have recorded sales worth AED 40.3 billion since the beginning of July, resulting from 12,620 transactions. Mortgages amounted to AED 11.9 billion through 3,150 procedures, while donations touched AED 2.92 billion achieved through 867 transactions. Thus, the total transactions for this period reached 55.2 billion dirhams, resulting from 16,637 transactions since the beginning of July.
On Wednesday, transactions recorded about 3.1 billion dirhams, resulting from 1,326 procedures, and sales reached 2.54 billion dirhams, resulting from 1,070 deals, the highest of which was in the Dubai Creek Harbour area, with a value of 302 million dirhams through 104 deals, then Al Barsha Heights came in second with about 183 million dirhams (two deals), followed by Jumeirah Village Circle in third place with 181 million dirhams (130 deals).