The Dubai real estate market is thriving, as evidenced by the recent sale of a residential apartment in a private housing project on the Dubai Water Canal. The apartment was sold for 72 million dirhams and had an area of about 8,219 square feet, according to data from “Dubai Rest.” This sale is just one example of the strong demand for real estate in Dubai, with total sales in the sector reaching 1.62 billion dirhams from 672 deals.
The highest volume of sales in the sector was in Palm Jumeirah, with a value of 157 million dirhams, followed closely by Wadi Al Safa 3 with about 120 million dirhams. Sheikh Mohammed bin Rashid Gardens also saw strong demand, with a value of 108.5 million dirhams. Additionally, mortgages in the sector reached 313 million dirhams through 150 procedures, further indicating the strength of the real estate market in Dubai.
Overall, these numbers suggest that despite global economic challenges, the Dubai real estate market remains resilient and continues to attract investors and buyers alike. With its strategic location and world-class infrastructure, Dubai offers a unique opportunity for real estate investment and development.