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The Real Estate Industry in Dubai is Thriving

The Real Estate Industry in Dubai is Thriving

According to the latest figures, the Dubai property market had its busiest month in eight years in June, as buyers continued to pick up villas and apartments.

In June, 6,388 sales totaling DHR14.79 billion ($4 billion) were completed in Dubai, the most since December 2013, according to Property Finder.

In terms of volume, transactions were up 44%, and in terms of value, they were up 33.2% compared to May.

The total number of transactions in the second quarter totaled 15,638, valued at DHR36.86 billion, increasing the year-to-date total to 27,373 transactions worth DHR61.97 billion.

Since the Covid-19 limits were lifted last year, demand for properties in the United Arab Emirates has increased as purchasers take advantage of record-low prices and borrowing rates, as well as favorable loan-to-value ratios.

However, buying activity is still concentrated in the secondary market, which accounted for 61.5 % of all property transactions in June alone.

38.5% of the trades were for off-the-plan properties.

Meydan was the most popular choice among apartment buyers, accounting for 15% of all sales, followed by Jumeirah Lakes Towers (9.3%), Dubai Marina (8%), Business Bay (6.8%), Downtown Dubai (6.6%), Mohammed Bin Rashid City (6.3%), Jumeirah Village Circle (5.4%), Palm Jumeirah (3.9%), Jumeirah Beach (3%), and Dubai Harbour (3%). 

SOURCE: Breaking Travel News

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