The price per square foot grew by 4% from the previous quarter and is 16% higher than a year ago.

Real estate sales rose 14% quarterly and 61% yearly.

Mortgage volumes rose 9% from the previous quarter and 185% year on year, while cash transactions fell 2% but remained 86% greater than the year before.

Primary market (off-plan) sales surged 31% quarter-over-quarter and 74% year-over-year due to a spike in new development launches by property developers catering to high-end luxury consumers.

The number of transactions for properties worth AED 100 million or more rose 33% from the previous quarter and 300% from the year before.

Business Bay, Downtown, and Damac lagoons had the most sales, while palm Jumeirah had the most value, showing a strong desire for prime property.

A eight-bedroom home on Palm Jumeirah sold for AED302 million on July 5, smashing the previous record for the largest residential property transaction.

office retail sales rose 21% quarter over quarter and 75% year over year.

The confidence of property developers was reflected in supply data, with 31,000 units added to the market since the start of the year.