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DUBAI: The value of Dubai property deals hit a four-year high in May, new data reveals.
Some 4,429 transactions worth 11.11 billion dirhams ($3 billion) were recorded in May, state news agency WAM reported, citing Dubai's official sales price index. That represented the highest deal value since March 2017.
A rapid vaccination program, eased residency rules and ongoing business reforms are helping the Dubai property market to rebound after years of stagnation.
However, a glut of new homes under construction continues to weigh on some sectors of the real estate market.
A total of 20,989 real estate sale transactions were recorded between January and May, worth 47.19 billion dirhams.
The jump in real estate transactions highlights “the emirate's attractiveness and flexibility in attracting real estate investments,” WAM said.
According to the index, 77 percent of sales transactions were for apartments and 23 percent were for villas or townhouses.
The hot spots for villas and townhouses in May were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Damac Hills, and Mohamed bin Rashid City.
The top areas of interest for apartments, meanwhile, were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle.