Dubai recorded 689 hotel and commercial property sales worth AED1.3 billion last January, according to real estate transaction data provided by the Land Department.
The hotel property sale included 243 hotel apartment deals totaling around AED 680 million, with the most expensive hotel apartment worth AED 47.5 million in the Jumeirah Beach Residences area of AED 5,010. square feet and includes 5 rooms, and 149 hotel rooms were sold with a total value of 200 million dirhams.
The commercial real estate sector recorded 186 office sales worth AED 319 million, while the Business Bay region recorded the largest sale of AED 22.4 million for 4,186 square feet of office space and 111 store sales worth AED 160 million . dirhams were concluded in January last year.
Dubai’s real estate sector continues to perform strongly this year after recording a record level of transactions and sales in 2022, with the emirate strengthening its position as an investment and business destination and a city of choice to live and live as the value of transactions increased by 44.7% to 430.26 billion dirhams compared to 297.26 billion in 2021.
Real estate transactions were made last year through 122,044 transactions compared to 83,456 transactions in the previous year with an increase of 46.23%.
Property sales jumped 78% to AED265.5 billion in 2022 from AED148.99 billion in 2021.
Purchase and sale transactions were completed through 97,478 transactions compared to 60,213 transactions last year.
Source: Al Bayan
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