Dubai’s real estate market experienced a remarkable surge, witnessing an astonishing AED 10.6 billion in property transactions during the week ending on July 28, 2023. With a total of 3,252 transactions, the market demonstrated impressive activity.
Among these transactions, an impressive 319 plots were successfully sold, generating a cumulative amount of AED 1.92 billion. Additionally, apartments and villas played a significant role, with a staggering AED 5.75 billion worth of sales, representing a substantial portion of the total transactions.
Highlighting the most noteworthy transactions, the top three involved the sale of lands. The highest transaction took place in Palm Jumeirah, where a land was sold for an impressive AED 150 million. Following closely was a land in Al Hebiah Fourth, which fetched a remarkable AED 90.19 million. Securing the third spot was a land in Saih Shuaib 4, with a sale value of AED 58.01 million.
In terms of transaction volume, Madinat Hind 4 led the way with an incredible 96 sales transactions, amounting to AED 133.39 million. Not far behind, Al Hebiah Fifth recorded 69 sales transactions worth AED 187.68 million. Wadi Al Safa 3 secured the third position with 60 sales transactions valued at AED 476 million.
Shifting focus to the transfers of apartments and villas, notable transactions included a property in Marsa Dubai, changing hands for an impressive AED 265 million. Following suit, a property in Al Goze First fetched a commendable AED 207 million. Lastly, a villa in World Islands was sold for a notable AED 68 million.
Mortgaged properties also played a significant role during this week, amassing a cumulative value of AED 2.53 billion. The highest mortgage value was associated with a land in Marsa Dubai, which was mortgaged for an impressive AED 570 million.
Lastly, it is worth mentioning that a total of 283 properties were granted to first-degree relatives, with an estimated value of AED 495 million.