Dubai Real Estate Surges with Dhs 10.1 Billion in Weekly Transactions
In a testament to Dubai’s robust real estate market, the Dubai Land Department (DLD) reported a staggering Dhs 10.1 billion in real estate weekly transactions for the week ending January 12, 2024. This marked a significant increase from the previous week’s transactions valued at Dhs 5.8 billion.
The weekly report by the DLD revealed a total of 2,910 real estate and property transactions, with 209 plots fetching Dhs 2.19 billion and 2,100 apartments and villas sold for a total of Dhs 4.84 billion. The top three transactions included land in Al Hebiah Sixth, sold for Dhs 138.65 million, followed by land in Business Bay for Dhs 105 million, and land in Palm Jabal Ali for Dhs 47.36 million.
Among the areas recording the most transactions, Al Hebiah Fifth took the lead with 44 sales transactions amounting to Dhs 163.91 million. Hadaeq Sheikh Mohammed Bin Rashid followed with 33 transactions worth Dhs 398.83 million, and Madinat Hind 4 secured the third position with 30 transactions totaling Dhs 42.29 million.
The top three transfers in the apartment and villa category featured a property in Al Wasl valued at Dhs 66 million, another in Al Thanayah Fourth for Dhs 46 million and an apartment in Al Hebiah Fourth for Dhs 40.02 million.
Mortgaged properties for the week reached a total value of Dhs 2.28 billion, while 82 properties were granted between first-degree relatives, amounting to Dhs 799 million.
Comparing the latest figures with the week ending January 5, 2024, where transactions amounted to Dhs 5.8 billion, the real estate market exhibited robust growth. During that week, 114 plots were sold for Dhs 1.36 billion, and 1,183 apartments and villas were sold for Dhs 3.13 billion.
The top transactions included land in Al Thanyah Fifth for Dhs 268.33 million, land in Warsan Fourth for Dhs 113.9 million, and land in Palm Jabal Ali for Dhs 65.26 million. Madinat Hind 4 led in the number of transactions with 18 sales transactions worth Dhs 20.57 million.
The real estate sector in the UAE has experienced an exceptional year, recording significant transactional value milestones throughout. Earlier, during the week ending December 22, 2023, transactions amounted to Dhs 16.6 billion, involving 3,785 transactions. This demonstrated the sustained momentum in the market.
The DLD’s weekly reports serve as a key indicator of Dubai’s thriving real estate sector, showcasing sustained growth and investor confidence. The dynamic nature of these transactions underscores Dubai’s position as a global real estate hub, attracting diverse investors and contributing to the emirate’s economic resilience. As Dubai continues to evolve, its real estate market remains a beacon of stability and growth in the region.
The upward trajectory of Dubai’s real estate market continued its impressive run with transactions valued at Dhs 10.1 billion during the week ending January 12, 2024. This surge marked a substantial increase from the previous week, affirming the resilience and attractiveness of the emirate’s property landscape.
The diversification of transactions across various segments highlighted the broad appeal of Dubai’s real estate. Notably, 209 plots changing hands for Dhs 2.19 billion and 2,100 apartments and villas being sold for Dhs 4.84 billion underscored the sustained demand for both commercial and residential properties.
The top three transactions exemplified the diversity and scale of Dubai’s real estate offerings. A plot in Al Hebiah Sixth fetching Dhs 138.65 million, followed by a land deal in Business Bay for Dhs 105 million, and another in Palm Jabal Ali for Dhs 47.36 million showcased the dynamic nature of investments in the emirate.
The geographic distribution of transactions highlighted Al Hebiah Fifth’s prominence with 44 sales transactions amounting to Dhs 163.91 million. Hadaeq Sheikh Mohammed Bin Rashid and Madinat Hind 4 also featured prominently, reflecting the enduring appeal of various neighborhoods in Dubai.
In the realm of apartments and villas, the top three transfers unveiled transactions worth Dhs 66 million, Dhs 46 million, and Dhs 40.02 million in Al Wasl, Al Thanayah Fourth, and Al Hebiah Fourth, respectively. This diversity in property types and locations contributes to the overall stability and attractiveness of Dubai’s real estate market.
Mortgaged properties reached a noteworthy Dhs 2.28 billion during the week, a testament to the availability and accessibility of financing options. Additionally, the facilitation of property transfers among first-degree relatives, totaling Dhs 799 million, underscored the familial and interconnected nature of real estate transactions in Dubai.
Comparing this robust week to the preceding one, where transactions amounted to Dhs 5.8 billion, the accelerated pace highlighted the market’s responsiveness to economic dynamics and investor sentiment. Dubai’s real estate sector remains a beacon of growth and stability, a sentiment echoed by the remarkable year it experienced.
The exceptional performance of Dubai’s real estate market throughout 2023, with transactional values reaching Dhs 16.6 billion in a single week, showcased the emirate’s resilience and attractiveness on the global stage. Noteworthy transactions in various areas, such as Al Yelayiss 5, Warsan Fourth, and Al Goze Second, underscored the diversity and breadth of investment opportunities.
As the real estate sector continues to evolve, Dubai’s commitment to innovation, infrastructure development, and regulatory enhancements ensures its position as a global real estate hub. The consistent success stories in weekly transactions only solidify Dubai’s reputation as a preferred destination for investors seeking both short-term gains and long-term stability in the dynamic world of real estate.