The real estate market in Dubai saw a surge in property deals on Thursday, with transactions worth more than $881 million. The data from the city land department revealed that the deals comprised of 508 sales, valued at $362 million, 101 mortgage deals worth $452 million, and 135 gift deals worth $67.4 million.
The sales involved 463 villas and apartments valued at $270.5 million, and 45 land plots valued at $92.5 million. The mortgage deals included 80 villas and apartments worth $436 million and 21 land plots worth $17.5 million.
This indicates a significant uptick in the Dubai real estate market, which has been experiencing a steady recovery since the COVID-19 pandemic hit. The increase in property deals suggests a growing confidence among investors and buyers in the market’s resilience.
Despite the challenges posed by the pandemic, the Dubai government has been implementing measures to attract investors to the real estate sector. These include offering long-term visas to property investors, reducing property registration fees, and allowing full foreign ownership of companies.
The city’s infrastructure development and the upcoming Expo 2020 event are also expected to boost the real estate market. The expo is projected to attract millions of visitors to the city and create new investment opportunities.
Overall, the surge in property deals in Dubai is a positive sign for the real estate market, indicating a growing demand for properties in the city. As the world continues to recover from the pandemic, the Dubai real estate market is poised for continued growth and expansion.