Dubai property sales continue to surge in October

  • Date: 25-Nov-2022
  • Source: Khaleej Times
  • Sector:Real Estate
  • Country:UAE
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Dubai property sales continue to surge in October

Average property values in emirate close to four-year high

Year-to-date, there have been 77,238 transactions registered in Dubai's real estate sector. - File photo

Published: Fri 25 Nov 2022, 4:32 PM

October witnessed another stellar month for Dubai’s booming real estate market. Latest data from Property Monitor show that property sale prices rose 1.77 per cent last month in the emirate.

The average property values in Dubai now stand at Dh1,065 per sq ft according to the Property Monitor Dynamic Price Index (DPI), “a level not seen since the time of the last market upswing in November 2013 and then re-visited later in March 2018,” Property Monitor’s Monthly Market Report stated on Friday.

“The current market problems in North America, China and Europe and currently not affecting the Gulf where demand remains robust despite the rising interest rates as a consequence of the dollar-dirham peg,” the report stated.

The volume of sales transactions remains at par with last month, declining a 0.7 per cent to 8,626 registrations. Residential transactions — those for apartments, townhouses, and villas — accounted for 92 per cent (7,935 sales transactions) of the total, with hotel apartments (3.4 per cent ), office (1.9 per cent ), and land sales (1.7 per cent)