Dubai’s real estate market has hit yet another milestone this week as it surpassed the AED 8.692 billion ($2.4 billion) mark in property deals. According to the 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 and villas worth AED 4.73 billion ($1.3 billion).
Dubai is one of the most attractive property markets globally, and its property market continues to flourish. 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). The success of Dubai’s real estate market can be attributed to the favorable investment environment, attractive tax laws, and top-notch infrastructure.
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).
The data revealed by DLD also shows 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).
Additionally, the week experienced a total of 349 properties transferred between first-degree relatives, worth AED 522 million ($142 million).
Dubai’s property market is expected to continue its upward trajectory as it is backed by a robust economy and the government’s constant efforts to improve the investment environment. The real estate market’s growth has a significant impact on the overall economy, as it is one of the most critical sectors in the UAE.
In conclusion, Dubai’s property market has crossed the $2.4 billion milestone in real estate deals, highlighting the market’s continuous growth and attractiveness to investors. The success can be attributed to the favorable investment environment, top-notch infrastructure, and attractive tax laws, and it is expected to continue on this trajectory.