Dubai Land Department (DLD) has revealed that over AED 1.5 billion real estate transactions were completed in a single day in the metropolis on 4 January 2023.
According to the DLD’s data, a total of 437 deals, worth AED 1.02 billion, were completed, along with 153 mortgage transactions worth AED 402.94 million, and 43 gift deals worth AED 109.91 million.
The sales involved 402 villas and apartments amounting to AED 877.42 million, and 35 plots worth AED 143.68 million. Meanwhile, mortgages included 139 villas and apartments at AED 226.2 million and 14 plots at AED 176.74 million.
DLD’s statistics further suggest that Dubai’s real estate prices grew by 20-40% from December 2021 to December 2022, mainly due to the arrival of millionaires and billionaires in the metropolis for Qatar’s FIFA World Cup 2022. Dubai’s posh area, Palm Jumeirah, also experienced a 59% increase in its prices in the same period.
Recent reports indicate that Russian investors dominate UAE’s overall property sector. UAE, especially Dubai, has demonstrated excellent performance in terms of the economy when compared to the global situation.