Dubai’s real estate transactions hit AED 3 bn amid market boom

Total sales amounted to AED 2.78 bn
Dubai’s real estate transactions hit AED 3 bn amid market boom

Dubai has recorded real estate transactions worth 3.02 billion dirhams ($822.2 million) amid a market boom, according to the Dubai Land Department (DLD).

Total sales amounted to 2.78 billion dirhams on Thuyrsday, representing the bulk of the deals, around 91 percent, while mortgaged properties reached 191.85 million dirhams.

A total of 345 transactions were registered during the day.

Existing properties dominated the deals with a combined value of 2.59 billion dirhams, while off-plan properties reached 165.62 million dirhams.

On Wednesday, Dubai’s real estate market recorded 386 sales transactions worth 1.2 billion dirhams,  data released on Wednesday showed.

84 mortgage deals worth 151.32 million dirhams, and 62 gift deals amounting to 48.92 million dirhams, also contributed to the realty transactions.

The sales included 341 villas and apartments worth 1.01 billion dirhams and 45 land plots worth 195.91 million dirhams.

The mortgages included 63 villas and apartments worth 129.08 million dirhams and 21 land plots valued at 22.24 million dirhams.

This week so far, residential property deals in the emirate have hit high levels of 1.7 billion dirhams, and 1.77 billion dirhams on September 12 and September 13, respectively.