The value of property transactions in Dubai jumped by 20 percent this week compared to the previous seven days as investors continued to cash in on the UAE’s sought-after market. 

During the week ending May 27, around 8.7 billion dirhams ($2.36 billion) in deals were recorded, up from 7.2 billion dirhams a week ago, data from the Dubai Land Department showed.  

This week’s deals include 297 plots that were snapped up for 1.59 billion dirhams, as well as 2,116 apartments and villas with a combined value of 4.75 billion dirhams. 

The total value of mortgaged properties for the week stood at 2.02 billion dirhams, with the highest being a land in Al Hebiah Third that was mortgaged for 211 million dirhams. 

Dubai’s property prices have been rising over the past several months on the back of growing demand. Sales prices for villas surged an average of 40 percent in the first quarter of the year, according to Asteco. 

(Writing by Cleofe Maceda; editing by Seban Scaria)