In a remarkable display of activity, real estate transactions in Dubai reached a staggering AED 11.2 billion over the course of a week. This surge was driven by an impressive 4,077 deals, which included over 2,871 property sales valued at AED 7.5 billion, alongside 977 mortgage agreements amounting to AED 3 billion. Additionally, 229 gift transactions were recorded, totalling AED 647 million.
Breakdown of Sales and Mortgages
The weekly sales figures revealed a diverse mix of transactions: there were 706 land sales, 1,924 residential unit sales, and 214 sales of buildings. When it comes to mortgages, the division was similarly varied, with 258 mortgages on land, 584 on residential units, and 135 on buildings.
Market Performance: Ready vs Off-Plan Properties
Notably, sales of ready properties accounted for AED 4.9 billion from 1,423 transactions, whereas off-plan property sales yielded AED 2.6 billion from 1,448 deals. This indicates a robust demand both for completed properties and those in development.
Top Areas for Real Estate Transactions
The highest performing area by sales value was Al Ruwaya, with a remarkable AED 1.7 billion in transactions. It was closely followed by Jumeirah Village Circle at AED 533 million, and Business Bay with AED 266 million. Other notable areas included Al Habtoor City with AED 248 million and Dubai Investment Park 1 at AED 189 million.
Significant Transactions
Among the notable transactions in the past week, a commercial land mortgage in Dubai Land was recorded at AED 300 million. Furthermore, a notable sale of an off-plan office unit in the Second Trade Centre was achieved for AED 32 million, highlighting the continued interest in prime business locations within the city.
Overall, the vibrant real estate market in Dubai continues to demonstrate resilience and growth, reflecting the city’s allure as a prime destination for both local and international investors.