Property News This Week
In the second-half of 2022, the property market in Dubai is still moving along as briskly as it has been since late 2020, with no sign of slowing down. If anything, the city’s real estate sector is making a bigger splash than before as super-prime properties in the Dh300 million range could become the norm for the higher end of the market.
A plethora of new developments are expected to launch and be developed in Dubai this year as realtors say the position of the UAE as a safe destination to live, work, and invest in is attracting more overseas investors than ever before.
Square Yards, one of the fastest growing proptech companies globally, today launched a 3D Metaverse platform that will showcase the future of real estate search and discovery through a high-end 3D digital twin of the city of Dubai.
The real estate and properties transactions valued at AED10.3 billion in total during the week ending 19 August 2022. The sum of transactions was 3,149. 344 plots were sold for AED2.55 billion, 2,239 apartments and villas were sold for AED3.94 billion. The top three transactions were a land in Al Wasl sold for AED400.18 million, followed by a land sold for AED205 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for AED130 million in Palm Jumeirah.
FAM Real Estate indicated that the real estate market in Dubai achieved a remarkable economic recovery during July of this year, compared to 2021, when 3,600 sales transactions were recorded, an increase of 138% compared to July 2021.