Dubai registered 25,972 property transactions in the first quarter of this year, the highest number of quarterly deals since 2010, said Mo’asher, the emirate’s official sales price index issued by the Dubai Land Department in partnership with Property Finder.
The January to March period recorded a total of 20,539 sales transactions worth Dh55.51 billion ($15.11bn).
“The data demonstrates Dubai’s real estate market[’s] significant growth and continuous upwards trend while it continues to provide vital insights and transparency into the Dubai real estate market,” DLD said on Tuesday.
Last month, there were 8,399 sales transactions involving Dubai property, worth Dh22.58bn — up 83 per cent and 109 per cent on an annualised basis, respectively.
The top areas searched for sale in the first quarter for apartments were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle, Property Finder data suggested.
The top areas searched for villas or town houses were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya By Damac) and The Springs.
The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-driven slowdown as the country’s economy improves on the back of fiscal and monetary measures.
Pent-up demand and improved investor sentiment have also helped to drive property sales, particularly in Dubai and Abu Dhabi, amid the pickup in economic activity. New initiatives, such as visas for expatriate retirees and the expansion of the 10-year golden visa scheme, are expected to support the local market, industry experts say.
More than 44,783 rental contracts were signed in Dubai last month, with 60.3 per cent new contracts and 39.72 per cent renewals.
The areas with the most rental transactions in March were Jabal Ali First (6,259 contracts), Al Warsan First (6,224), Business Bay (5,056), Naif (5,011) and Al Karama (5,007).