Experts estimate that a record number of 170 transactions per day were registered in the Dubai’s property market on March 24.
According to the Dubai Land Department, the total amount of property deals transacted yesterday is over US $ 400 million.
In general, the current week promises to become one of the most rewarding in terms of business activity in the housing market. The total cost of apartments, villas and land plots sold on Monday in Dubai valued at US $ 163 million, and on Tuesday and Wednesday, property buyers paid an average of US $ 73 million per day for their newly acquired properties.
Thus, data provided by the Dubai Land Department on a steady increase in buying activity in the Dubai’s housing market since the beginning of the year, imexre.com has earlier reported of, is now being confirmed. During the first two months of the year a total amount of the emirate's real estate units valued at US $ 17.8 billion was sold, according to the official data from DLD.
“Sentiments are slowly turning around by way of snapping up “below market” deals as well as end users looking to capitalise on current conditions,” said Sameer Lakhani, Managing Director at Global Capital Partners. “It is the nature of the turnaround that will be debated in the coming months — but what we are seeing is a clear bottoming out process underway.”
Analysts from Allsopp & Allsopp are also ready to join this opinion, indicating that the demand for real estate properties in Dubai significantly exceeds the number of offers on the market.