Dubai real estate launched the year 2023 with a strong performance during the month of January, completing the state of comprehensive prosperity recorded by the sector during the past year.
According to the data of the Land Department, the total value of real estate transactions registered since the beginning of the year until January 27 increased to 34.7 billion dirhams, compared to about 22 billion dirhams, the value of transactions registered in the same month of last year, with a growth of 57.7%, and 2404 real estate mortgage transactions were recorded. At a value of 6.6 billion dirhams, in addition to gifts worth 3.2 billion dirhams.
This January, 8,817 real estate sales transactions were recorded with the department, at a value of 24.8 billion dirhams, compared to about 5,757 deals worth 16.5 billion dirhams in January 2022, with a growth of 53% in the number of deals and 50.3% in the total value of sales, according to the Emirati newspaper, Al Bayan.
The real estate sales recorded in January included 6,845 units at a value of 14.2 billion dirhams, 1,298 land sales at a value of 8.8 billion dirhams, and 674 sales of buildings at a value of 1.7 billion dirhams. Real estate projects under construction recorded 4,422 off-plan sales transactions at a value of 10.6 billion dirhams, while ready-made properties recorded 4,397 transactions at a value of 14.1 billion dirhams.