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Dubai skyline. Image courtesy Dubai Media Office Twitter handle.
The volume of sales transactions in Dubai's real estate market rose to a 10-year high, with at least 22,504 deals worth AED 59.154 billion ($16.1 billion) closed in the second quarter of the year, according to the latest data.
A total of 8,897 deals worth AED 22.75 billion were registered in June alone, the highest in terms of volume since October 2013, the Dubai Land Department's Sales Price and Rental Performance Index showed.
The bulk of the deals (60.05%) for the month were for properties in the secondary market, while 39.95% were for the off-plan market.
Off-plan transactions rose 28.96% in June, while secondary/ready properties saw a growth of 37.53%.
The month of June also registered a total of 40,924 rental contracts, around 63% of which were new and 36.8% were renewals.
(Reporting by Cleofe Maceda; editing by Daniel Luiz )
