According to the Dubai Land Department (DLD), Dubai’s real estate sector recorded one of its most impressive weeks with 4,048 transactions worth over AED 15.624 billion. This corresponds to around 4.3 billion US dollars.
On closer inspection, the transactions are divided into land transactions, apartment transactions and villa transactions, each with very different parameters.
Of these transactions, 278 plots were sold for AED 1.74 billion ($474 million), while 2,965 apartments and villas were purchased for AED 7.34 billion ($2 billion).
The three largest land transactions of the week were a plot in Wadi Al Safa 3 which sold for AED 89.23 million ($24 million), a plot in Madinat Dubai Almelaheyah for AED 75 million ($20.4 million) and another plot in Palm Jumeirah for AED 70 million ($19 million).
In terms of sales transactions, Al Hebiah Fifth recorded the highest number of transactions with 82 sales worth AED 212.4 million ($58 million), followed by Madinat Hind 4 with 31 sales transactions worth AED 41.18 million ($11.2 million) and Jebel Ali First with 27 sales transactions worth AED 100 million ($27.2 million).
In terms of apartments and villas, the top three transfers were one in Al Quoz First worth AED 252 million ($68.6 million), another in Al Nahda First worth AED 100 million ($27.2 million) and an apartment in Palm Jumeirah worth AED 100 million ($27.2 million).
The total value of mortgaged properties in the real estate sector reached AED 5.61 billion ($1.5 billion) this week, while 139 properties worth AED 934 million ($254.3 million) were given to first-degree relatives.
Source: www.arabianbusiness.com
