Dubai’s real estate market continues to make headlines with its staggering growth and remarkable transactions. In the week ending on July 14th, 2023, the Dubai Land Department (DLD) recorded an impressive total of 3,626 real estate transactions, amounting to a staggering AED 13.7 billion ($3.7 billion). This article delves into the details of these transactions, highlighting the top areas, key properties, and the overall strength of the Dubai real estate market.
Dubai’s Real Estate Surge:
The report released by the DLD revealed that a significant portion of the transactions involved plots of land. Out of the total transactions, 618 plots were sold, amounting to a remarkable AED 6.19 billion. This indicates a robust interest in land acquisition and development within Dubai’s real estate sector. Additionally, 2,410 apartments and villas were purchased, resulting in an impressive AED 5.63 billion in sales.
Key Transactions and Locations:
Among the notable transactions, three lands in Al Goze Second stole the spotlight, fetching prices of AED 68.12 million, AED 67.92 million, and AED 67.56 million, respectively. Al Goze Second emerged as the leader in sales transactions during that week, with 271 transactions amounting to a substantial AED 4.4 billion. Following closely behind, Al Hebiah Fifth recorded 142 transactions worth AED 384.78 million, while Madinat Hind 4 witnessed 45 transactions valued at AED 60 million.
In the apartment and villa category, Palm Jumeirah claimed two of the top three transfers, with an apartment selling for an impressive AED 116 million and another in Madinat Dubai Al Melaheyah for AED 74 million. A luxury apartment in Palm Jumeirah also fetched a handsome AED 71 million. These transactions highlight the continued allure of Dubai’s prime residential properties.
Additional Insights:
Beyond the jaw-dropping sales figures, other interesting statistics emerged from the report. The week saw a total of AED 1.53 billion in mortgaged properties, demonstrating the strong financial activity within the market. Furthermore, 96 properties were granted between first-degree relatives, amounting to a substantial AED 426 million.
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