Secondary market deals (ready property) were steady in comparison with the previous quarter, but 52% higher than the previous year.
Primary market transactions (off-plan) increased by 31% quarter-on-quarter and 74% year-on-year as a result of a surge in launches of new developments by developers catering to the recent increase in demand from high-end luxurious real estate
The strong performance of the Dubai real estate market in Q3 continued this month. As stated by the Dubai Land Department (DLD), a total of 2,703 real estate deals worth AED 8B (USD 2B) were conducted during the week ending October 21, 2022.
147 real estate plots were purchased for AED 1.12B (USD 304.9M) in Dubai, while 2,023 apartments and villas were sold for AED 4.79B (USD 1.3B), according to the WAM.
The top transactions were an Al Thanayah Fourth land plot that sold for AED 85M (USD 23M) in Al Thanayah and another plot sold for AED 63M (USD 17M) in Island 2.