September 18, 2023
Economy International

Surge in Dubai’s Property Market with Transactions Worth $3.1 Billion


Dubai’s property market has experienced a significant surge in deals this week, with transactions amounting to AED 11.5 billion ($3.1 billion), according to Dubai Land Department (DLD). This increase in the market is a positive sign for the real estate industry, indicating growing demand for properties in Dubai.

The transactions included 3,397 deals, comprising 228 plots and 2,498 apartments and villas sold for AED 2.59 billion ($705 million) and AED 5.54 billion ($1.5 billion), respectively. Among the most expensive deals were two plots in Business Bay, one selling for AED 168.28 million ($45.8 million) and another for AED 167.81 million ($54.6 million).

Al Hebiah Fifth recorded the highest number of transactions, with 71 sales worth AED 193.64 million ($52.7 million). Meanwhile, Wadi Al Safa 3 had 22 sales worth AED 386.68 million ($105.3 million), and Jebal Ali First had 18 sales worth AED 57 million ($15.5 million).

Regarding apartments and villas, the highest number of transactions took place in Business Bay, where a property was sold for AED 208 million ($56.6 million). Additionally, an apartment in Island 2 was sold for AED 111 million ($30.2 million), and a home in Al Qusais First for AED 100 million ($27.2 million).

The total value of mortgaged properties was AED 2.67 billion ($727 million), with the highest being in Jebal Ali First for AED 796 million ($216 million). There were also 230 properties that were transferred or gifted between family members, with a total value of AED 723 million ($197 million).

It is safe to say that the property market in Dubai is showing strong growth, with significant transaction volumes, particularly in Al Hebiah Fifth, Wadi Al Safa 3, and Jebal Ali First. The high number of mortgaged properties also highlights the increasing affordability of property in Dubai. This surge in the real estate market is a positive sign for the economy of Dubai, and the trend is likely to continue in the future.

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