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  • 17-01-23

    Dubai housing deals reach record peak last year

    (MENAFN) Dubai registered real estate dealings valued at over USD143 billion last year, the official Dubai Media Office stated on Monday, naming it a “milestone” for the UAE’s major business center.

    “Dubai’s annual real estate transactions have crossed the milestone of half a trillion dirhams for the first time,” the Dubai Media Office mentioned in an announcement.

    He went further on to say that, “The sector witnessed transactions worth a record 528 billion dirhams in 2022, a 76.5 percent increase from 2021.”

    The real estate industry constitutes for around a third of the economy in Dubai.

    It has gradually increased since a facilitation of COVID-19 pandemic sanctions experienced Dubai open up much earlier than the rest of the globe.

    Russians were the largest global purchaser of Dubai real estate in 2021, Bloomberg mentioned in a report, quoting brokerage Betterhomes.

    It mentioned that the emirate recorded over 86,000 residential sales deals last year, overcoming the prior peak of 80,000 in 2009.

    MENAFN17012023000045014228ID1105437406

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