Dubai Real Estate Market Thrives with $2.8 Billion in Weekly Transactions

Dubai Real Estate Market Thrives with $2.8 Billion in Weekly Transactions

The real estate market in Dubai continues to flourish as recent figures from the Dubai Land Department (DLD) reveal a staggering AED10.4 billion ($2.8 billion) worth of transactions conducted in just one week, ending on May 5th, 2023.

According to the DLD report, a total of 3,050 real estate transactions took place during this period. These transactions included the sale of 189 plots amounting to AED1.19 billion and the sale of 2,239 apartments and villas totaling AED5.11 billion.

Among the notable transactions, a land in Al Thanayah Fourth claimed the top spot, fetching AED52 million. This was closely followed by a land sold for AED40.62 million in Saih Shuaib 2 and another land sold for AED35.36 million in Palm Deira.

When it comes to the most active areas in terms of transactions, Al Hebiah Fifth took the lead with an impressive 63 sales transactions worth AED188.2 million. MADINAT HIND 4 secured second place with 22 sales transactions amounting to AED29.01 million, and Jabal Ali First claimed third place with 16 sales transactions valued at AED58 million.

Among the apartment and villa transfers, the highest recorded sale was an apartment in Al Merkadh, which changed hands for a remarkable AED90 million. Following closely behind was an apartment in Jumeirah Second, sold for AED78 million, and thirdly, an apartment in Burj Khalifa, sold for AED67 million.

The total value of mortgaged properties during the week reached AED3.69 billion, with the most substantial mortgage of AED653 million placed on a land in Al Barshaa South Third. Additionally, 110 properties were granted between first-degree relatives, with a combined value of AED497 million.

Dubai’s real estate market continues to showcase its robust growth and investment opportunities, attracting both local and international buyers seeking prime properties in this thriving metropolis.

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