According to the Dubai Land Department (DLD), this is the highest number recorded in the last 13 years and also indicates a rise in the month-over-month numbers.
The surging demand
The surge in demand shows that the real estate market is thriving, primarily due to investor-friendly regulations and policies.
Likewise, one of the many game-changing factors that has supported the real estate market in the UAE is the golden visa program.
A long-term golden visa can now be obtained easily by foreign property investors as compared to earlier and this has resulted in higher real estate investments in Dubai.
According to experts, the real estate segment in Dubai is moving towards long-term growth due to the strategic combination of the aforementioned factors.
The current trends show that there is steady expansion in the market and it is also experiencing a significant demand.
The real estate scene in the UAE is changing because of the impact of global events, the shifting demographics, the role of taxation and government influences.
This has resulted in a thriving real estate market in Dubai.
There are a variety of economic indicators that have greatly influenced the dynamics of the UAE’s real estate market.
These indicators reveal the trajectory and state of the economy, which has an impact on investor behaviors and sentiments.
GDP or the Gross Domestic Product is one indicator of the economic performance, as is the inflation rate.
Likewise, interest rates are also a relevant factor and low interest rates often drive up the demand for property.
The combination of these economic factors have an impact on the property market in the UAE, along with other factors like expatriate population, tourism and other development initiatives.
The current landscape
The real estate market in the UAE appears to have some very interesting trends recently, especially where Dubai is concerned.
There was a remarkable increase in transactions in the first quarter of this year, as they rose by almost 80% and reached a value of AED 157 billion, which highlights the vitality of the market.
Another reason that housing preferences saw a shift was due to the rise in remote work after the COVID-19 pandemic.
Therefore, properties with reliable internet and home offices experienced a surge in demand. Eco-friendly homes are also in high demand, due to which sustainability is becoming a priority.
The dynamism in the real estate market in Dubai is also being underlined by the improvement in investor confidence.
This has seen a major boost due to enhanced transactions, virtual tours, along with proactive government initiatives, such as ownership and visa extensions.