May 29, 2023

Dubai Week

Complete Dubai News World

Dubai real estate sales hit 30 billion dirhams during Ramadan

Dubai: Melhem Al-Zubaidi

Sales recorded in the Dubai real estate market during the month of Ramadan were the highest in its history, exceeding 30 billion dirhams, a 73% growth compared to last year’s month of Ramadan, which was 17.3 billion dirhams. According to data from the website of the Department of Lands in the emirate.

8,677 transactions recorded sales of 7,026 houses, 603 buildings and 1,048 plots. Ready-made real estate accounted for the largest share of sales transactions in terms of value and number, crossing the Rs 21 billion or 70% barrier with 4,365 deals. 30%, resulting in 4,312 contracts.

Mortgages and gifts

Mortgages reached over 10 billion dirhams as a result of 1,621 transactions covering 1,601 housing units, 237 buildings and 981 plots of land. Regarding donations, it recorded one billion dirhams through 309 deals, including 248 housing units, 11 buildings and 50 plots of land.

Combined actions

Dubai Land Department data revealed that total transactions in the Dubai real estate market during Ramadan amounted to Dh40 billion, resulting in 10,607 transactions involving 8,875 housing units, 851 buildings and 2,079 plots of land.

First quarter

Total transactions in the local real estate market in Dubai were recorded at over Dh127.5 billion in the first quarter, resulting in 38,614 transactions since the start of the year, compared to around Dh84 billion (29,118 transactions) in the first quarter of 2022. 51.7% by value and 32% by number. 6% growth.

Total sales increased by 42.2% in the first quarter of 2023, surpassing the barrier of 87 billion dirhams, compared to around 55.5 billion dirhams in the same period in 2022, achieving a strong growth of 42.2%. Mortgages crossed the threshold of 31.4 billion dirhams. , donations were recorded at 8.75 billion dirhams.

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Record year

The annual report on the Dubai real estate market published by the Land Department concluded that 2022 was an exceptional year for the sector in the emirate, achieving record results, and for the first time its value exceeded half a trillion dirhams. 44.7% in volume terms and 76.5% in value terms compared to the previous year. 2021, a total of 528 billion dirhams.