The value of real estate transactions in Dubai during the first half of this year reached the highest level since the establishment of Department of Land and Property, reaching 285 billion dirhams. The department’s director general confirmed that most transactions were conducted in cash.

Compared to the transactions recorded throughout the entire year of 2022, which totaled 538 billion dirhams, we find that the current year will see higher transaction volumes than last year. This real estate momentum in Dubai is expected to continue thanks to projects launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, such as Palm Jebel Ali and other projects, which are being developed in tandem with the strong demand in the Dubai real estate market.

Real Estate Transactions in Dubai

Real estate transactions at the Dubai Land Department yesterday exceeded 4.1 billion dirhams, with the department recording 458 sales worth 2.01 billion, including 74 land sales worth 1.22 billion and 384 sales of apartments and villas worth 786.6 million dirhams. The most significant land sale, valued at 130 million, took place in the Fourth Al Thania area.