In the thriving real estate market of Dubai, an impressive Dhs11.1 billion was generated through 3,321 transactions during the week ending on May 26th, 2023. These remarkable figures were recently released by the Dubai Land Department (DLD), underscoring the city’s robust property sector.
According to the DLD report, a noteworthy Dhs2.54 billion was contributed by the sale of 220 plots, while apartments and villas accounted for a staggering Dhs5.85 billion from 2,398 sales.
Among the noteworthy transactions, a plot of land in Madinat Al Mataar fetched an impressive Dhs659.54 million, securing the top spot. It was closely followed by another land sale in Madinat Dubai Almelaheyah, fetching Dhs169.39 million. In third place, an equally significant transaction took place in Al Barsha South Fourth, where a plot of land was sold for Dhs83 million.
Wadi Al Safa 3 stood out as the most active area for real estate transactions during this period, recording 61 sales worth Dhs728.44 million. In second place, Al Hebiah Fifth witnessed 41 sales totaling Dhs106.84 million, while Jabal Ali First secured third place with 18 sales amounting to Dhs70 million.
Shifting the focus to apartments and villas, the highest transfers were observed in Al Safouh First, where a property was sold for an impressive Dhs75 million. The second spot was claimed by a villa in World Islands, which was sold for Dhs69 million. Notably, a villa in World Islands also secured third place with a sale price of Dhs61 million.
Furthermore, the week’s mortgage activities amounted to Dhs1.8 billion, with the most significant mortgage transaction occurring in Al Thanayah Fourth, where a land plot was mortgaged for Dhs143 million.
Additionally, 154 properties were granted to first-degree relatives, contributing to a total value of Dhs933 million.
These latest figures showcase the robust nature of Dubai’s real estate market, with a total of 3,105 transactions generating Dhs9.1 billion during the preceding week, which ended on May 19th, 2023. The report reveals that 191 plots were sold for Dhs1.14 billion, while apartments and villas accounted for Dhs6.03 billion from 2,284 sales.
In summary, the consistent growth and remarkable transactions in Dubai’s real estate sector demonstrate the city’s strong appeal and thriving market, making it an ideal investment destination for property buyers and investors alike.
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