During the first week of May 2023, the Dubai Land Department (DLD) released figures that indicated 3,050 transactions in real estate were successfully completed, with an estimated worth of Dh10.4 billion. The report also revealed that 189 plots were sold for Dh1.19 billion, while 2,239 apartments and villas were purchased for Dh5.11 billion.
In the first week, the real estate market saw some high transactions. The highest transaction was for land located in Al Thanayah Fourth, which was sold for a whopping Dh52 million. Following this, a different plot of land in Saih Shuaib 2 sold for Dh40.62 million, and land in Palm Deira brought in Dh35.36 million to take third place.
Al Hebiah Fifth was the busiest area in terms of sales transactions, with as many as 63 sales transactions worth Dh 188.2 million. In second place was Madinat Hind 4, with 22 sales transactions worth Dh29.01 million. Jabal Ali First also saw some action, with 16 sales transactions worth Dh58 million securing the third position.
Among the most lucrative sales in the real estate market were three transfers for apartments and villas. A sum of Dh90 million was paid for a property in Al Merkadh, while an apartment in Jumeirah Second was sold for Dh78 million. Another apartment, located in the Burj Khalifa, sold for Dh67 million.
Last week of April, the market witnessed a total of Dh3.69 billion worth of mortgaged properties, and the highest one was a plot of land in Al Barshaa South Third, which was mortgaged for an impressive sum of Dh653 million. Moreover, 110 properties were granted to close relatives, amounting to a grand total of Dh 497 million.