Dubai records a record USD 1.1B worth of real estate deals one day

The emirate of Dubai sees AED 4B (USD 1.1B) worth of property transactions in a it was concluded. Villas took the leading position, as 488 residential units were sold as well as 75 land plots.

According to the regulator, on the last day of June, the Dubai real estate market registered property transactions with a record sum of about AED 3.9B (USD 1.06B). All this testifies to the ongoing recovery of the UAE real estate market after the COVID-19 pandemic.

As stated by the Dubai Land Department (DLD), 563 sales deals amounting to AED 3.46B (USD 942M) were registered on the last day in June. The 96 mortgage transactions that were made were worth AED 91.24M (USD 24.8M). The DLD data demonstrated that mortgages comprise 83 villas and apartments, as well as 13 land plots.

The rapid pace of recovery of the UAE real estate market after the COVID-19 pandemic is due to the migration of a large number of wealthy investors from around the globe to the country. Foreign investors are attracted to the UAE by several factors, including the government’s decisive response to the spread of the coronavirus pandemic, as well as the use of the latest technologies to ensure the safety of the population. For example, drones were used by the government to disinfect streets in the emirate of Dubai.

Against the background of a large influx of foreign investment and high demand for ultra-elite real estate, developers of Dubai are actively engaged in the development and construction of elite residential complexes and exclusive projects in the emirate. One of these such projects is ‘Billionaires’ Row’ from the Alpago Properties development company. The exclusive project, Billionaires’ Row, will be located on Frond G on the famous man-made island of Palm Jumeirah.