According to a report by Primo Capital Experts, residential real estate transactions in Dubai experienced a year-on-year growth of 20.5% in the second quarter of this year, Invest-Gate reports.

The report highlights an unprecedented level of activity in the residential real estate market during this period.

The report further reveals that the total volume of transactions reached a record high of 35,310 transactions. Off-plan real estate transactions saw the largest increase, rising by 23.9%, while secondary market transactions experienced a 15.2% increase.

The rising property prices reflect the changing market sentiment, with the typical price of a residence in Dubai increasing by 20.7% compared to the previous year. Apartments and villas witnessed price increases of 20.4% and 22.1%, respectively.