A total of AED 2.5B worth of real estate was sold in Dubai on last week

A total of AED 2.5B worth of real estate was sold in Dubai on last week

As we see the end of 2022 approaching, Dubai's real estate market continues to thrive and demonstrate astonishing indicators. That being said, on Wednesday December 7th, the emirate recorded a thumping AED 2.5B (USD 680.6M) in sales, which clearly illustrates the strong demand for local real estate. This data was revealed by the Dubai Land Department (DLD).
Published December 14, 2022
The above-mentioned figures included 626 sales deals valued at AED 1.5B (USD 408.39M), 102 mortgage transactions of AED 702.3M (USD 191.2M), as well as 49 gift deals, which generated AED 270.9M (USD 73.7M). To be more specific, 516 apartments and villas were sold for AED 984.9M (USD 268.1M), while 110 plots generated AED 551.8M (USD 150.2M). At the same time, the mortgage transactions included 77 apartments and villas and 25 land plots priced at AED 253.4M (USD 68.9M) and AED 448.9M (USD 122.2M) respectively.

According to Property Finder, Dubai's real estate sector showed a particularly strong performance in November, as it crossed 10,000 deals totalling AED 30.5B (USD 8.3B). This is the highest registered in 11 years, and such impressive results are attributed to a range of governmental reforms, such as the Golden Visa amendments, aimed at attracting wealthy investors.
Metropolitan Premium Properties also has some exciting news to share, as the company closed the largest residential plot deal this year (2022) so far, in partnership with Mallorca Properties. The 3 prime plots, spanning across a built-up area of more than 1.7 million sq. ft in Dubai Marina, were sold for a thumping AED 690M (USD 187.8M). This deal beat the record of a 600M (USD 163M) villa sold in Palm Jumeirah, purchased by Mukesh Ambani. The plots were acquired by a Dubai-based real estate developer, who is planning to use them for the construction of ultra-luxury apartments and penthouses.