Dubai ends week on high note with $3.87 billion real estate transactions

March 29 , 2024

In a testament to the resilience and vibrancy of Dubai’s real estate sector, the Dubai Land Department (DLD) has reported a remarkable week ending 26th January 2024, with a total of 4,123 real estate transactions valued at over AED14.2 billion ($3.87 billion).

Diverse transactions

The DLD’s breakdown revealed a diverse array of transactions, with 312 plots selling for AED2.95 billion. Meanwhile, the department recorded 2,696 sales of apartments and villas. This contributed significantly to the week’s total with a value of AED5.84 billion.

The top three transactions this week showcased the magnitude of Dubai’s real estate landscape. A land in Al Barshaa South Second claimed the top spot, selling for a staggering AED210.1 million. Following it came transactions in Saih Shuaib 2 for AED103.74 million and Saih Aldahal for AED100 million.

Real estate hotspots

Meanwhile, Madinat Hind 4 emerged as Dubai’s real estate hotspot of the week. It recorded 133 transactions valued at AED338.03 million. Moreover, Al Hebiah Fifth and Al Hebiah Fourth secured their positions in the top three with 49 transactions for AED168.94 million and 20 transactions for AED500.12 million, respectively

Meanwhile, the top three apartment and villa transfers featured properties in Nad Al Sheba First for AED177.13 million, Palm Jumeirah for AED78.63 million, and another Palm Jumeirah apartment for AED44 million.

Financial dynamics

The financial dynamics of the week revealed a total value of mortgaged properties reaching AED4.6 billion, reflecting the ongoing confidence in Dubai’s real estate market. Furthermore, 195 properties granted between first-degree relatives amounted to AED850 million, highlighting family involvement in the city’s property landscape.

Dubai’s real estate market continues to exhibit robustness and attractiveness, with diverse transactions across various segments. The week’s record-breaking numbers signal sustained investor confidence and underline Dubai’s status as a global real estate hub. As the emirate embraces new developments and projects, the real estate sector remains a key driver of economic growth and prosperity.

Source Link: https://economymiddleeast.com/news/dubai-real-estate-sector-transactions/