Property Deals in Dubai Exceed $2.4 Billion Mark This Week

Dubai, which is one of the most attractive property markets, has hit another milestone in real estate deals as it surpassed AED 8.692 billion ($2.4 billion) mark this week. According to Dubai Land Department (DLD), around 3,164 deals were completed, including the sale of 218 plots worth AED 1.9 billion ($517 million) and 2,177 apartments as well as villas worth AED 4.73 billion ($1.3 billion). The highest transactions observed by DLD were a couple of plots in Palm Jumeirah, which were sold at a price of AED 550 million ($150 million). Al Hebiah Fifth emerged as the most active area this week, with 94 sales worth AED 326.67 million ($89 million). This was followed by Al Hebiah Fourth, which saw 25 deals worth AED 247.85 million ($67 million), and Jebel Ali First in third place with 24 sales worth AED 65 million ($18 million). In terms of top transfers for apartments and villas, the most expensive property sold this week was a luxurious property in Mankhool, which fetched AED 61 million ($16.6 million) in a deal. It was followed by a property in Palm Jumeirah sold for AED 54 million ($14.7 million) and an apartment in Marsa Dubai, which was sold for AED52 million ($14.2 million). DLD’s data also revealed that the total amount of mortgaged properties for the week was AED 1.54 billion ($419 million), with the most expensive property being land in Palm Jumeirah mortgaged for AED 250 million ($68 million). In addition, the week experienced a total of 349 properties transferred between first-degree relatives, worth AED 522 million ($142 million).