18.3 Billion Dirhams in Real Estate Transactions in Dubai This Week from 5,753 Deals
The real estate market in Dubai has witnessed significant activity this week, with total transactions amounting to 18.3 billion dirhams from 5,753 deals. These figures reflect the growing enthusiasm among investors in the real estate sector, positioning Dubai as one of the leading destinations in the property market. This article explores the details of these transactions and their contribution to the city’s economic growth.
Details of Real Estate Transactions
According to the Dubai Land Department report, more than 4,682 sales were recorded, totaling 14.7 billion dirhams, alongside 920 mortgage deals worth 3.2 billion dirhams. Additionally, 151 gift transactions valued at 448 million dirhams were documented. These numbers illustrate the dynamism of the market and the ongoing interest of investors in Dubai’s real estate.
Types of Transactions and Sales
Sales transactions in the market comprised 759 land sales, 3,677 residential unit sales, and 246 building sales. Regarding mortgages, there were 220 mortgages for land, 973 for residential units, and 124 for buildings. Furthermore, sales of ready properties in Dubai reached 8.8 billion dirhams through 1,840 transactions, alongside off-plan property sales amounting to 5.9 billion dirhams across 2,842 transactions.
Most Active Areas in the Real Estate Market
The Dubai Investment Park 2 area ranked first in terms of sales value, with transactions totaling 1.6 billion dirhams. It was followed by the Business Bay area, which achieved sales of 683 million dirhams, while the Al Wadi Al Safa 7 area came in third with sales reaching 663 million dirhams. The Deira Island area continues to show strong performance with sales of 605 million dirhams, and the Al Muhaisnah 2 area recorded sales of 548 million dirhams.
Notable Transactions in the Market
The market also saw the sale of an off-plan residential apartment in Jumeirah 2 for 170 million dirhams within the “Peninsula Dubai Residences – Tower 1” project. Additionally, two plots of land in the Jumeirah Bay Island area were sold for 150 million dirhams each. Moreover, a villa on plan in Palm Jumeirah was sold for 125 million dirhams within the “Ayumi” project. On another note, the second phase of Dubai Healthcare City recorded a deal for the sale of a plot designated for a hospital valued at 120 million dirhams, alongside the sale of an under-construction residential apartment in Jumeirah 1 for 73 million dirhams within the “Jumeirah Asura Bay” project.