Dubai Property market attracts nearly Dh160 billion investment in first 8 months of 2022 as investors repose trust in the emirate’s bright future. The real estate market continued to gain momentum as it attracted record Dh24.3 billion investment through 9,720 sales deals in August despite global headwinds. It is the highest performing month in terms of sales transactions volume and value in 12 years, latest data shows.
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Comparing period-over-period growth, August witnessed a monthly growth rate in volume of around 37.1% and 69.6% compared to last year. In terms of value, August registered a month-on-month (MoM) growth of 16.1% and around 63.6% year-on-year (YoY), said the report by Property Finder, a leading proptech company.
The residential property deals in Dubai saw yet another high on Tuesday, September 6, with the total value of the sales transactions hitting AED3 billion. Tuesday’s deals included 408 sales transactions worth AED893.55 million, 87 mortgage deals of AED2.16 billion and 16 gift deals amounting to AED26.98 million, according to Dubai’s Land Department (DLD) data.
With the sale of the most expensive readymade apartment. The deal that was sealed at AED 163 Million for a 5-bedroom apartment spread across 22,614 square feet of plush residential space has made history for being the biggest and most expensive deal in the history of Dubai’s real estate market. The scenic property is located at the premium Royal Atlantis Residence in Palm Jumeirah.
The emirate’s property market fetched investment worth nearly Dh160 billion in first eight months of 2022 as investors reposed trust in the Dubai’s future growth and rushed to invest in residential plots, apartments and villas to enjoy a quality lifestyle in the UAE. Analysts and property experts said sales transactions may exceed expectations by year-end if the upward trend continues with the same pace.
Business activity in Dubai’s non-oil private sector economy climbed to a 38-month high as demand growth strengthened and input costs fell at record pace. The emirate’s headline seasonally adjusted S&P Global purchasing managers’ index rose to 57.9 in August, from 56.4 in July, its highest reading since June 2019.