Dubai property sales rise 18% in October to $9.3 billion as land deals jump 50%

Dubai's property market picked up in October. According to an analysis of Dubai Land Department (DLD) data by Al Masdar Al Aqaari, property sales rose 18.1% month on month to $9.3 billion (AED 34 billion), with transactions up 6.9% to 11,948, compared with 11,182 transactions worth $7.8 billion (AED 28.8 billion) in September. Land deals drove the monthly increase.

Land sales up 50% in value, nearly 87% in volume

Land sales reached $3.6 billion (AED 13.2 billion) across 1,463 transactions in October, against $2.4 billion (AED 8.8 billion) across 783 transactions in September, increases of 50% in value and 86.8% in volume. The analysis notes that one apartment sale registered in Dubai Marina during October was excluded from all figures because of concerns over its recorded value and transaction details.

Mortgages and gifts take the monthly total to about $14.4 billion

Beyond sales, Dubai recorded 4,634 mortgage transactions worth $3.6 billion (AED 13.3 billion) and 1,016 gift transfers valued at $1.6 billion (AED 5.7 billion) in October. Combined, sales, mortgages and gift transfers reached approximately $14.4 billion (AED 53 billion) across 17,598 transactions. The figures are an analysis of DLD registration data, not a DLD press release, and month-on-month comparisons should be read against the department's final statistics.