A record amount of real estate transactions worth AED 1.7B (USD 462.8B) was recorded in Dubai on April 14.

Real estate transactions worth AED 1.7B (USD 462.8M) were registered in the emirate of Dubai on April 14, indicating a continued high demand for property in the region. The sales included 250 villas and apartments with a total value of AED 574.7M (USD 156.5M ) and 81 land plots worth AED 662M (USD 180.37M).

According to the Dubai Land Department (DLD), 331 purchase and sale transactions worth AED 1.24B (USD 337.5M) and 77 mortgage transactions amounting to AED 390.84M (USD 106.4M) were recorded in the Dubai real estate market. In addition, 24 gift transactions worth AED 79.48M (USD 21.63M) were completed. Mortgage loans included 58 apartments and villas with a total value of AED 106.91M (USD 29.1M), as well as 19 land plots worth AED 283.92M (USD 77.3M).

The Dubai Land Department has made all real estate data publicly available on its website to increase the transparency of real estate transactions. The available data includes sales transactions, mortgages, gifts, valuations and Ejari registrations, as well as data about land, projects, brokers and developers. Each transaction has its own unique identifier, which consists of the property IDs and Ejari contract numbers.

According to Lynnette Sacchetto, who is a recognized expert in the UAE real estate industry, this active initiative from the Dubai government will continue to strengthen transparency in the real estate market, as well as position Dubai on a par with other mature real estate markets. Having increased transparency will lead to increased investment, including foreign direct investment.

The Dubai Land Department took its first and decisive steps towards transparency in 2013 by posting data on the purchase and sales transactions on its website. At the time, it was only a limited set of data, including parts of transactions such as the date of the transaction, the name of the location in Arabic and the price. Then in 2019, the first official house price index for sales in Dubai called Mo’asher was released, while the rental price performance index was released at the beginning of 2022.