Dubai Real Estate Sector Records $2.6bn Sales This Week

on

Dubai real estate sector churned $2.6 billion in sales, which included a headline-making $60 million transaction on a property in Palm Jumeirah, the Dubai Land Department confirmed this week. This solid performance was reflected in a flurry of buying and selling activities in this sector during the week ending on October 6th.

The record-breaking revenue was the result of a total of 1,445 real estate transactions that took place across the capital during this week. In-depth details contained in a report released by the Land Department provided further insights into these transactions, stating that there were 248 sales of land plots worth approximately $476 million (AED1.75bn).

On the other hand, apartments and villas attracted 1,197 buyers, achieving a combined sales of $866 million (AED3.18bn).

Precisely examining Land Department’s weekly report, the top three land transactions were headed by a selling blitz in Jumeirah Second – a confidently sold plot garnered $27 million (AED100.44m), followed by two sales in Al Hebiah Fourth that sold for $27 million (AED100m) and $19 million (AED70.33m).

Al Hebiah Fifth registered the maximum sales this week – a stunning 78 transactions totaling $88 million (AED319.83m). Madinat Hind 4 closely followed, recording 60 transactions sales worth $27 million (AED98.25m). Madinat Al Mataar chalked up a satisfying 18 transactions with sales triumphantly summing up to $35 million (AED130.27m). You can also read new about China iPhone Ban!

The escalation in property sales reflected on the 1,197 apartments and villas sold in different parts of Dubai. In this group, a Pine Jumeriah property led the transactions at $60 million (AED220m). A significant transaction occurred in Zaabeel First for $54 million (AED20m), whereas another bik sale in Al Thanayah Fourth clocked at $26 million (AED95m).

The report also highlighted that the value of mortgaged properties shot up to reach $1.1 billion (AED4.2bn) within the same week. Interesting to note is that as many as 110 properties valued at an aggregate $107 million (AED392m) changed hands, all confined within first-degree relatives.

This optimistic transactional skid illustrates high growth prospects and tremendous potential in the future of Dubai real estate sector. With recent tangible developments and investments in the sector, Dubai continues leveraging its location and rich investment backdrop to assure a promising future for its real estate industry.