million in realty transactions on Wednesday alone. According to data released by Dubai’s Land Department (DLD), the sales included 419 villas and apartments worth AED711.48 million, along with 21 land plots worth AED119.4 million.
The surge in real estate transactions in Dubai is a positive sign for the city’s economy, which was heavily impacted by the COVID-19 pandemic. The rebound in the real estate sector is an indication that investors and buyers are regaining confidence in Dubai’s property market.
In addition to the sales transactions, Dubai also recorded 113 mortgage deals worth AED1.28 billion and 22 gift deals worth AED100.85 million on Wednesday. The mortgages included 94 villas and apartments worth AED538.96 million and 19 land plots valued at AED736.16 million, bringing the total realty transactions for the day to over AED2.2 billion.
Dubai’s real estate market has been steadily recovering from the pandemic-induced slowdown, and the recent surge in transactions highlights the city’s strong appeal to buyers and investors. Despite the challenges faced by the global economy, Dubai’s property market has remained resilient, with real estate prices remaining stable and transactions increasing in recent months.
The Dubai government has taken several measures to boost the real estate sector and attract foreign investment, including the launch of several initiatives such as the Golden Visa program and the Dubai Free Zone Authority. These initiatives have helped to create a favorable business environment, making Dubai a preferred destination for global investors.
In conclusion, the surge in real estate transactions in Dubai is a positive indication of the city’s economic recovery and resilience. With the government’s continued efforts to boost the real estate sector and create a favorable business environment, Dubai is set to remain a prime destination for property buyers and investors in the years to come.
Source: Zawya