According to data supplied by Dubai’s Land Department (DLD), the Dubai real estate market in had 476 sales transactions worth AED1.17 billion on Monday, along with 92 mortgage deals totaling AED 181.95 million and 20 gift deals totaling AED 35.42 million.
More than AED1.3 billion has been spent on real estate as a result of sales of 430 villas and apartments for AED 845.38 million, mortgages of 73 villas and flats worth AED 120.07 million, and sales of 46 land plots worth AED 322.29 million.
Since the beginning of 2022, the price of real estate in Dubai has continued to rise at an unheard-of rate. The second quarter of 2022 saw the most sales transactions in terms of volume over the previous ten years, with 22,504 transactions totaling AED59. 154 billion, according to the Dubai Land Department.
Average villa prices in Dubai were AED 1,359 per square foot, while average apartment prices were AED 1,149. According to Taimur Khan, there were 8,269 sales transactions in October 2022, up 72.5% from the same month the previous year.
High-end real estate in Dubai is expected to cost more next year due to the market’s continued growth and the rising interest from overseas purchasers.
