Dubai real estate: $2.7bn property deals in first week of the year

January 06, 2023, Arabian Business

Dubai saw real estate and properties transactions valued at $2.7bn (AED10bn) in the first week of the year.

The sum of transactions was 2,702.

270 plots were sold for $613m (AED2.25bn), 1,903 apartments and villas were sold for $1.3bn (AED4.89bn).

The top three transactions were a land in Marsa Dubai sold for $170m (AED623.07m), followed by a land that was sold for $21m (AED77.23m) in Al Thanyah Fifth.

Dubai property market 2023
Al Hebiah Fifth recorded the most transactions for this week by 133 sales transactions worth $105m (AED386.38m), followed by Jabal Ali First with 49 sales transactions worth $62m (AED228.15m), and Al Merkadh with 12 sales transactions worth $34m (AED125m) in third place.

The top three transfers for apartments and villas were an apartment was sold for $32.3m (AED119m) in Island 2, a was second in the list sold for $31.3m (AED115m) in Island 2, and thirdly it was an apartment sold for $20.4m (AED 75m) in Island 2.

The sum of the amount of mortgaged properties for the week was $504m (AED1.85bn), with the highest being a building in Burj Khalifa, mortgaged for $81m (AED300m).

101 properties were granted between first-degree relatives worth $272.3m (AED1bn).

First-degree relatives comprise an individual’s parents, siblings, children, or a fully owned company by an individual.

The $2.7bn real estate transactions this week is a slight increase on the $2.6bn reported in the final week of 2022.