Dubai records nearly $3 billion in real estate transactions in one week
Dubai records nearly $3 billion in real estate transactions in one week
The sales come as Dubai’s real estate sector hits its post-pandemic recovery stride
Dubai real estate
Real estate and properties transactions through the week ending July 22, 2022 hit AED 10.9 billion ($2.9 billion), according to Dubai Land Department data, reported by WAM.
Dubai’s property market has been experiencing a post-pandemic surge driven by government-led reforms and initiatives over the last six months. In June, sales figures hit a 13 year high of AED 22.7 billion.
Over the past week, 2,509 transactions took place, included 263 plot sales, worth AED1.46 billion, and 1,716 apartment and villa sales, valued at AED 3.67 billion.
The top transaction of the week was a land sale at Burj Khalifa for AED 167.09 million, followed by a land sale in Al Barsha First for AED 70.6 million.
Al Hebiah Fifth recorded the most transactions for this week with 130 sales transactions worth AED 328.15 million, with Jabal Ali First taking second place with 32 sales transactions worth AED92.67 million. Al Yufrah 2 rounded out the top three, with 24 sales transactions worth AED 28 million.
The most expensive apartment or villa sold was an apartment in Palm Jumeirah for AED 632 million, followed by an apartment in Burj Khalifa for AED 352 million, with an apartment in Marsa Dubai selling for AED 314 million rounding out the list.
Late last month, Dubai was named the most transparent property market in the Middle East and North Africa (MENA) region, according to JLL’s latest Global Real Estate Transparency Index (GRETI).
The emirate gained three ranks in the index to 31st position globally and is the only property market in MENA to feature in the ‘transparent’ tier. Dubai’s gains in the transparency ranking are led by new regulations around market lending practices, beneficial ownership tracking and sustainability reporting.
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Date: 2022-10-06
