In the week ending October 21, 2023, Dubai witnessed a substantial surge in real estate and property transactions, accumulating an impressive total value of 8.2 billion dirhams. Throughout this period, a remarkable 1,524 transactions took place, encompassing diverse property types.
The transactions included 232 plots that were successfully sold, generating a staggering sum of 2.57 billion dirhams. Equally significant were the 1,292 apartments and villas that changed ownership, accounting for a combined value of 3.08 billion dirhams.
The week’s notable transactions showcased the demand for land investments in Dubai. Leading the pack was a land in Al Hebiah Fourth, which fetched an impressive 65.13 million dirhams. Close behind was another land in Al Thanayah Fourth, securing a substantial amount of 56.67 million dirhams. In third place, land in Al Yufrah 4 commanded a respectable price of 51 million dirhams.
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Palm Jabal Ali emerged as the most sought-after area for real estate transactions, boasting 51 sales transactions amounting to a substantial 1.19 billion dirhams. Following closely was Al Hebiah Fifth, with 24 sales transactions worth 91.65 million dirhams. Additionally, Madinat Hind 4 witnessed 21 sales transactions with a total value of 29.28 million dirhams.
The top three transfers for apartments and villas were equally noteworthy. A property in Business Bay claimed the lead, commanding an impressive price of 132 million dirhams. Not far behind, a property in Rega Al Buteen fetched a handsome 80 million dirhams, while a property in Mankhool sold for a noteworthy sum of 70.1 million dirhams.
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During this week, mortgaged properties contributed significantly to the real estate market, with a total value of 2.03 billion dirhams. The most outstanding mortgage amount was recorded for a land in Business Bay, securing a substantial loan of 788.28 million dirhams.
Furthermore, in a separate category, 133 properties were granted to first-degree relatives, with a cumulative value of 563 million dirhams, illustrating the familial dynamics of property acquisition in Dubai.
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Overall, the week’s real estate transactions in Dubai reflected a vibrant market, with notable transactions across various property types and areas, underlining the emirate’s continued appeal to investors and property enthusiasts alike.
