Dubai real estate sector sees $3.9bn of transactions in HUGE week

January 30 , 2024

Huge week for Dubai real estate sector sees $3.9bn of transactions, including $1.6bn in apartment and villa sales

The Dubai real estate sector saw AED14.2bn ($3.9bn) of transactions this week, according to data from the Dubai Land Department.

In total, there were 4,123 transactions in the week ending January 26, 2024.

New data shows there were 312 plots sold for AED2.95bn ($803m) and 2,696 apartments and villas sold for AED5.84bn ($1.6bn).

Dubai real estate this week

The top three transactions for land were a plot in Al Barsha South Second sold for AED210.1m ($57m), followed by land sold for AED103.74m ($28m) in Saih Shuaib 2 and a plot sold for AED100m ($27m) in Saih Aldahal.

Madinat Hind 4 recorded the most transactions this week, with 133 sales transactions worth AED338.03m ($92m), followed by Al Hebiah Fifth with 49 sales transactions worth AED168.94m ($46) and Al Hebiah Fourth with 20 sales transactions worth AED500.12m ($136m) in third place.

The top three transfers for apartments and villas were a property sold for AED177.13m ($48m) in Nad Al Sheba First, an apartment was second in the list sold for AED78.63m ($21m) in Palm Jumeirah, and thirdly it was an apartment sold for AED44m ($12m) in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was AED4.6bn ($1.3bn), with the highest being for land in Trade Centre First, mortgaged for AED962.2m ($262m).

195 properties were granted between first-degree relatives worth AED850m ($231m).

Source Link: https://www.arabianbusiness.com/industries/real-estate