Prices in the city’s wealthiest enclaves have jumped 100 percent.

While rising interest rates in the US are cooling the American housing market, Dubai’s real estate have heated up.

Over the last 12 months, Dubai’s prime real estate prices are up 89 percent, according to a report in Bloomberg. And in popular neighborhoods like Palm Jumeirah, Jumeirah Bay and Emirates Hills those figures have increased more than 100 percent as wealthy buyers have lined up to secure property across the city’s new hotel developments. For example, the purchase of a villa in Palm Jumeirah recently sold for a record $82 million back in July. According to Arabian Business, the city’s real estate receipts exceeded $325 million over two days in September, with 386 sales—341 of which were apartment condos and villa purchases at luxe gated communities across the city.

Dubai property sales hit $381 million on Wednesday amid market boom

The sales were dominated by 341 villas and apartments sold for AED1.01 billion and 45 land plots sold for AED195.91 million.

Dubai’s real estate market recorded 386 sales transactions worth AED1.2 billion on Wednesday, data released by Dubai Land Department (DLD) showed.

84 mortgage deals worth AED151.32 million, and 62 gift deals amounting to AED48.92 million, also contributed to the realty transactions.

The sales included 341 villas and apartments worth AED1.01 billion and 45 land plots worth AED195.91 million. The mortgages included 63 villas and apartments worth AED129.08 million and 21 land plots valued at AED22.24 million.