Real estate sales in Dubai reached a value of $2.46 billion over the past week, as the market continues to experience momentum amidst unprecedented demand for ownership and investment in the sector, according to real estate experts quoted by “Emirates Today“.
A survey conducted by “Emirates Today”, based on data from the Dubai Land Department, showed that the past five days witnessed real estate transactions with a total value of $3.92 billion.
The data indicated that the total number of sales transactions during the past week reached 3,538. That includes the sale of 2,970 residential units, 257 buildings, and 311 plots of land. Meanwhile, the total value of mortgage transactions amounted to $1.14 billion with 868 transactions.
During the week, two mortgage transactions were executed. Each exceeding half a billion dirhams. The first transaction involved a plot of land measuring 337,820 square feet, designated for residential purposes in Dubai International Academic City, valued at AED 520.3 million- $142 million.
The other transaction was for a plot of land in the “City of Arabia” area, measuring 147,970 square feet, valued at AED 503 million- $137 million.
According to the data, the total value of real estate grants during the past week reached $321 million through the execution of 225 transactions.
In this regard, Zahi Kachouh, CEO of “Elio Real Estate”, stated that “Dubai’s real estate market maintains a high level of sales week after week, amidst unprecedented demand for ownership and investment in the sector. This is supported by several factors, including seasonal ones, such as the increase in demand during the summer period, and permanent ones, such as the developed infrastructure, strong economic growth, and facilities to attract investors and grant residency visas to foreigners.”
Kachouh added that “all real estate categories are witnessing significant growth, whether apartments, villas, or lands, along with off-plan sales and sales via mortgage. He expects an increase in mortgage transactions with the start of a series of interest rate cuts by the U.S. Federal Reserve, which will be followed by central banks all around the world whose currencies are pegged to the dollar.”
For his part, real estate marketing expert Alaa Masoud stated that “the demand momentum currently witnessed in Dubai’s real estate market has led to increased activity in the sector and a rise in the number of buyers.” He added, “Investors are convinced that investing in Dubai benefits them, whether through buying one, two, or three properties.”
He pointed out that demand still exceeds supply, despite the new projects launched by real estate developers since the beginning of this year. This is due to continuous population growth and the significant confidence that global investors have in Dubai’s economy. He expects the momentum in the real estate market to continue with the influx of capital and new investors.
