The real estate sector in Dubai continues to thrive, as evidenced by the remarkable 2.9 billion dirhams in real estate transactions in one day. This impressive figure was achieved through 944 transactions that highlight the increasing activity within the market. The ongoing demand for property in this vibrant city showcases Dubai’s allure as a hub for investment and development.
Real Estate Transactions Breakdown
According to the Dubai Land Department, the 2.9 billion dirhams in real estate transactions includes a significant number of sales agreements. Specifically, 735 transactions were registered, totaling 2.2 billion dirhams. Among these sales were 82 land transactions, 606 residential unit transfers, and 47 sales involving buildings. This diverse mix reflects a robust market catering to various buyer preferences.
High-Value Deals Highlight Market Strength
One particularly noteworthy deal within the 2.9 billion dirhams in real estate transactions was a record sale of a residential apartment in the highly sought-after area of Jumeirah Bay Island. The luxury apartment, part of the “Bulgari Lighthouse” project developed by Meraas, fetched an eye-catching 136 million dirhams. Additionally, a piece of land in International City Phase 2 & 3 was sold for 69 million dirhams, while a villa on the iconic Palm Jumeirah attracted a buyer for 22 million dirhams, further underscoring the market’s appeal.
Mortgage and Gift Transactions
The real estate landscape also saw substantial activity in mortgage transactions as part of the overall 2.9 billion dirhams in real estate transactions. Totaling 508 million dirhams across 183 transactions, these mortgages included 39 for land parcels, 201 for residential units, and 22 for buildings. Furthermore, 26 gift transactions amounting to 221 million dirhams were recorded, indicating a growing trend in property gifting among residents.
Altogether, the figures released for the 2.9 billion dirhams in real estate transactions paint a picture of a flourishing real estate market. With an impressive variety of transactions taking place, Dubai remains a prominent destination for both local and international investors.