#Dubai property sales transactions hit eight-year high of $4bn in June

Dubai property sales transactions hit eight-year high of $4bn in June

Dubai’s property sales transactions hit an eight-year high of Dh14.79 billion ($4.03bn) in June as segments of the market across the UAE benefitted from new demand and the continued economic rebound, according to listings portal Property Finder.

This is the highest value of monthly property transactions recorded by the emirate since December 2013, the portal said on Tuesday.

“The trends this year have certainly kept us on our toes, with month-on-month increases and record-breaking months for sales transactions, high investment demand from residents and foreign investment and property prices increasing across prime, popular communities,” said Lynnette Sacchetto, research and data director at Property Finder.

The UAE property market, which softened due to a three-year oil price slump that began in 2014 and oversupply concerns, is showing signs of recovery as people upgrade to larger homes with outdoor amenities amid a remote working and learning trend sparked by the Covid-19 pandemic.