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Dubai real estate deals hit AED13.6 billion

Many factors were behind the recovery in August, most notably the end of the vacation period and improved buying movement

The total value of real estate deals (sales and mortgages only) in Dubai amounted to AED13.6 billion during August, recent data shows.

According to the data released by the Dubai Land Department (DLD), the sale deals of lands, apartments and villas reached AED8.3bn, while mortgage deals reached AED5.3bn, reports Emarat Al Youm.

The data also shows that the value of deals increased during August, compared with July, reaching a total of AED9.2bn.

Real estate experts determine that a number of factors were behind the recovery of real estate deals in August, most notably the end of the vacation period and improved buying movement, in addition to the calm global economic conditions and improved investors’ sentiments.

The experts express their optimism about the real estate market in Dubai in the coming months.

Ismail Al Hammadi, founder and CEO of Al Ruwad Real Estate Consultants says: “Dubai real estate has succeeded in overcoming the period of leave without major problems,” pointing out that what happened in the past two months was just a lull in the market.