Dubai records $2.5bln in weekly real estate transactions
12 May 2023, Zawya
A total of 3,112 real estate and property transactions, valued at AED 9.4 billion, were conducted during the week ending May 12th, according to figures released by the Dubai Land Department (DLD). The DLD weekly real estate report noted that 170 plots were sold for AED 1.89 billion, while 2,261 apartments and villas were sold for AED 5.34 billion.
The top three transactions were a land in Al Safouh Second, sold for AED 300 million, followed by a land in Saih Shuaib 4, sold for AED 148.25 million, and a land in Island 2, sold for AED 128 million.
Al Hebiah Fifth recorded the most transactions for the week, with 57 sales transactions worth AED 139.49 million. MADINAT HIND 4 followed with 23 sales transactions worth AED 29.24 million, and Al Hebiah Third with 13 sales transactions worth AED 56 million in third place.
The top three transfers for apartments and villas were an apartment sold for AED 150 million in Burj Khalifa, followed by another apartment sold for AED 60 million in Palm Jumeirah. In third place was a property sold for AED 53 million in Um Suqaim Second.
The sum of the amount of mortgaged properties for the week was AED 1.89 billion, with the highest being a land in Al Karama mortgaged for AED 234 million. A total of 144 properties were granted between first-degree relatives, worth AED 273 million.