Dubai records nearly $3 billion in real estate transactions in one week

According to the data released by Dubai Land Department, a total of 2,384 residential transactions were conducted in the Dubai real estate market during the week ending July 22nd, 2022.

  • Sales Transactions: AED 5.12B
  • Mortgage Transactions: AED 5.06B
  • Best Performing Day: July 18th, 2022 – 557properites worth AED 5.65B

The rapid growth of the property market in Dubai over the past 6 months has been attributed to the government’s efforts to implement various reforms and initiatives.

The highest transaction of the week was the sale of land at the Burj Khalifa, for AED 167.09 million. Followed by a land sale in Al Barsha First for AED 70.6 million.

The most expensive property sold during the week was an apartment in Palm Jumeirah for AED 632million. An apartment in Burj Khalifa for AED 352 million, and an apartment in Marsa Dubai selling for AED 314 million.

Dubai was named as the most transparent real estate market in the Middle East & North Africa. According to JLL’s latest Global Real Estate Transparency Index (GRETI) Dubai market has gained three positions in the global index. It is the only property market in the region to feature in the “top transparency tier”. The rise of the city’s transparency ranking can be attributed to the implementation of new regulations related to market lending and sustainability reporting.

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