Dubai’s property market has recorded the highest performance in the last ten years, registering 7,092 property sales transactions valued at 21 billion dirhams ($5.7 billion) in July, according to Mo’asher, the official sales price and rental performance index of the Dubai Land Department (DLD).
Property deals in July also posted a 63.56 percent year-on-year (YoY) increase in terms of volume and 88.41 percent in terms of value.
The bulk of the transactions (59 percent) was for properties in the secondary or ready market, while the off-plan segment accounted for 41 percent.
On the other hand, the number of residential properties sold in Saudi Arabia fell by 19.9 percent in the second quarter of 2022, but the total value of properties sold increased by 21.4 percent to 36 billion riyals ($9 billion), according to a new report.
Riyadh saw the sharpest fall in the number of property transactions in the year to Q2 2022, as the total number of transactions fell by 33.1 percent compared to the second quarter of 2022, real estate services company CBRE said.
As of June 2022, of the total value of mortgages provided to individuals by banks, single-family residences, apartments, and land accounted for 71.7 percent, 24.1 percent, and 4.1 percent of total lending respectively, the report said.