Dubai’s real estate market has experienced a remarkable surge in transactions, totaling an impressive $3.5 billion within just one week. The latest figures released by the Dubai Land Department (DLD) shed light on the extensive activity in the market. During the week leading up to October 13th, 2023, a staggering 1,659 real estate transactions were conducted, amounting to a value of more than AED 12.9 billion.
The DLD report reveals that out of these transactions, 297 plots were successfully sold, generating an impressive revenue of AED 5.08 billion. Additionally, 1,362 apartments and villas found new owners, fetching a substantial sum of AED 4.57 billion.
Noteworthy transactions include the sale of prime land situated in Palm Jumeirah, which garnered a staggering AED 1 billion. Another land located in Palm Deira fetched an impressive AED 600 million, while a property in Al Thanyah Fifth changed hands for a noteworthy AED 121.84 million.
Leading in sales transactions for the week is Madinat Hind 4, boasting a remarkable total of 55 transactions valued at AED 90.69 million. Following closely behind is Palm Jebel Ali with 49 sales transactions worth a whopping AED 1.16 billion, and Al Hebiah Fifth with an impressive tally of 38 sales transactions amounting to AED 112.18 million.
In terms of apartments and villas, the top three transfers included a property in Al Safouh Second valued at a staggering AED 1.83 billion. Palm Jumeirah also made its mark with an apartment worth AED 36 million, closely followed by another apartment in the same area valued at AED 27 million.
The total value of mortgaged properties for the week reached an impressive AED 2.37 billion. Furthermore, a noteworthy number of 117 properties were granted to first-degree relatives, carrying a value of AED 900 million.