Super Tuesday for real estate in Dubai sees AED1.9bn worth of property deals in a single day

Super Tuesday for real estate in Dubai sees AED1.9bn worth of property deals in a single day

Posted on 23 March 2022

New figures from the Dubai Land Department detail hundreds of deals as the property market continues to surge.

Hundreds of property deals completed in a single day pushed the amount of real estate transactions to nearly touch AED2 billion in Dubai on Tuesday.

According to the figures, Dubai’s real estate market recorded 474 sales transactions worth AED1.52 billion and mortgage deals of AED441.56 million, in addition to 11 gift transactions amounting to AED27.4 million on Tuesday, data released by the emirate’s Land Department (DLD) showed.

The sales included 376 villas and apartments worth AED849.54 million, and 98 land plots worth AED671.55 million. The mortgages included 57 villas and apartments worth AED321.33 million and 18 land plots valued at AED120.23 million, bringing the total realty transactions of today to over AED1.9 bn.

Record real estate deals

The super Tuesday follows recent figures that show that last month Dubai also broke all records for real estate transactions.

The total volume of transactions in Dubai’s residential market reached 5,538 in February 2022, up 58 percent from a year earlier, according to the recent Dubai Residential Market Snapshot report for March 2022 released by CBRE.

Over this period, off-plan sales increased by 87.7 percent and secondary market sales went up by 41.6 percent.

Total transaction volumes in February 2022 reached 11,071 year-to-date, marking the highest total ever recorded in the first two months of the year. Average prices increased by 10.7 percent in the year to February 2022.

The head of Research for MENA at CBRE in Dubai, Taimur Khan, said: “In 2022, we have seen payment plans tighten and post-promotion mortgage rates increase.

“Despite this, residential transaction activity in Dubai is at historic highs, where total transaction volumes in the year to date to February 2022 reached 11,071, this is the highest total recorded in the first two months of the year.”

The surge in deals in 2022 comes off the back of 2021 which saw huge numbers of first-time buyers enter the market.

In 2021, more than 8 in 10 of mortgage borrowers in the UAE were first-time buyers, according to Mortgage Finders’ second mortgage market report detailing its own transaction data for 2021.

The report attributed the positive impact on the home loans market to the UAE Central Bank initiative in March 2020, which reduced down payment requirements for first-time buyers to 20 percent for resident expats, and 15 percent for UAE nationals.

Managing director, Mohamad Kaswani said: “The mortgage industry experienced a record-breaking year in 2021, with transaction values exceeding previous highs recorded back in 2017 by 26 percent, according to data from the Dubai Land Department (DLD).

SOURCE: arabianbusiness.com

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