Dubai's Record-Breaking Week: Record-Breaking AED 16.6 Billion in Real Estate Transactions

Dubai's Record-Breaking Week: Record-Breaking AED 16.6 Billion in Real Estate Transactions

 Dubai's Record-Breaking Week: Record-Breaking AED 16.6 Billion in Real Estate Transactions

Dubai's Record-Breaking Week: Record-Breaking AED 16.6 Billion in Real Estate Transactions

  • Punit Rana
  • (0)
  • (577)
  • January 15, 2024

News, Apartments and villas,real estate,Real Estate Transactions

Description

Real Estate Transaction in One Week

The Dubai real estate market has experienced an extraordinary week, marking an important end to the year. According to the latest data from the Dubai Land Department, real estate transaction volume surged to a staggering AED 16.6 billion (approximately $4.51 billion) in the week ending December 22, 2023, highlighting the robustness and vitality of the Dubai market.

Transaction details

Of these transactions, a notable focus is on land sales. The top three land deals include:

  • A plot of land in Al Yelayiss 5 is sold for Dh2.43 billion.
  • A plot of land in Al Hebiah Fourth is sold for Dh64.09 million.
  • A piece of land in Al Goze Second brought in revenue of Dh57.67 million.

These sales highlight the high value and demand for land in strategic locations in Dubai.

Apartment and villa sales

The residential real estate sector also showed significant activity:

  • A total of 2,729 apartment properties in Dubai and villa properties in Dubaiwere sold, totaling AED 7.49 billion.
  • The highest transaction was an apartment property in Dubai Palm Jumeirah, sold for AED 720 million, followed by a property in Dubai Investment Park No. 1, sold for AED 92 million, and an apartment in the Second Island. The price is AED 62.1 million.
  • These figures demonstrate the continued demand for luxury and high-end residential properties in Dubai.

The Palm Jebel Ali dominates again

The Palm Jebel Ali leads the way in terms of several transactions, with a total of 35 sales worth AED 850.21 million. It is closely followed by Madinat Hind 4 and Al Hebiah Fifth, underscoring the popularity of these areas among investors and homebuyers.

Mortgage and property grants

Activity on mortgage properties was also brisk this week, totaling Dh2.29 billion. The highest of these is a piece of land in Al Sufouh Second, which is mortgaged for Dh509.2 million. Additionally, 257 properties worth AED 2 billion were awarded between first-degree relatives, demonstrating the importance of property in family and estate planning in Dubai.

Impact and prospects

These figures not only represent a successful week for Dubai’s real estate industry but also indicate the positive trajectory we are on as we enter the new year. The diversity of transactions, from land sales to luxury apartment properties in Dubai, and spread across different areas of Dubai, reflects a healthy and vibrant market.

Backed by its innovations, Dubai’s real estate market remains an attractive destination for investors and homebuyers. development, strategic location and strong infrastructure. As we enter the new year, the market shows no signs of slowing down, with continued growth and dynamism expected.

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