Dubai records $2.64bln in weekly real estate transactions

The weekly DLD report noted that 235 plots were sold for $607mln, 2,302 apartments and villas were sold for $1.56bln

During the week concluding on August 11, 2023, the Dubai Land Department (DLD) oversaw a noteworthy tally of 3,103 real estate and property transactions, amassing a substantial total value of AED 9.7 billion.

The weekly analysis furnished by the DLD indicated that a collection of 235 parcels of land were successfully traded, collectively generating a revenue of AED 2.23 billion. In addition, 2,302 residential apartments and villas exchanged hands, collectively amassing a considerable AED 5.76 billion.

At the pinnacle of these transactions were three notable deals. A prominent land parcel situated in Al Wasl commanded a substantial sum of AED 368.74 million, firmly securing its place as the highest-value transaction. Following closely was a land sale in Trade Center Second, netting AED 276 million, while a land transaction in Palm Deira claimed the third spot, realizing AED 181.21 million in value.

Madinat Hind 4 emerged as the leading district in terms of transaction volume, boasting a remarkable 72 sales worth AED 103.41 million. The second position was held by Al Hebiah Fifth, witnessing 58 sales transactions that accumulated AED 232.65 million. Jabal Ali First secured third place with 24 transactions amounting to AED 92 million.

Among the transfers involving apartments and villas, the most noteworthy transfers encompassed a villa exchange at AED 79 million within the World Islands. The second and third slots were held by villas in the World Islands, fetching AED 72 million and an apartment in Zaabeel First, valued at AED 60 million.

The cumulative value of properties subjected to mortgage during this week stood at a substantial AED 1.42 billion. A pinnacle was reached by a land parcel in Al Barshaa South Second, securing a mortgage of AED 260 million.

Furthermore, a notable 93 properties underwent transfer between first-degree relatives, accumulating a sum total of AED 337 million.

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