Dubai Property Transactions Hits High Second time in 8 Years

 

Dubai saw highest monthly property sales in eight years worth AED 13.12 billion

Dubai real estate sector has recorded 55,651 sales transactions worth Dh135.4 billion in the first 11 months of 2022.

At AED 13.12 billion ($3.57 billion), October was Dubai’s best month in terms of property transactions in 8 years, with the first 10 months of the year outpacing all of 2020 by 64.4 percent.

A total of 5,352 sales transactions have been reported by the Dubai Land Department (DLD) since the beginning of the year, worth AED 177.44 billion.

The month saw 60 percent of transactions for secondary or ready properties, and 40 percent for off-plan properties. 

The ready market accounted for 3,219 sales transactions worth AED 8.72 billion and the off-plan property segment accounted for 2,133 properties worth AED 4.4 billion in total, DLD said.

According to Property Finder demand data, the top areas for ready villas or townhouses were Damac Hills 2, Nad Al Sheba, The Springs, Dubai Hills Estate, and Arabian Ranches. The top areas of interest for ready apartments were Dubai Marina, Business Bay, Jumeirah Village Circle, Downtown Dubai, and Jumeirah Lake Towers.

Off-plan properties in the top areas for villas and townhouses were Arabian Ranches 3, Tilal al Ghaf, The Valley, Dubai Land, and Mohammed bin Rashid City. Dubai Creek Harbour, Dubai Harbour, Mohammed bin Rashid City, Business Bay, and Downtown Dubai were the top areas for apartments.

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