Real estate transactions at the Dubai Land Department this week amounted to more than 14.6 Billion Dirhams, resulting from 3,942 transactions. The department witnessed the recording of 3,150 sales worth 9.86 Billion Dirhams, 664 real estate mortgage deals worth 3.24 Billion Dirhams, and 128 gift transactions worth 1.5 Million Dirhams.
Ready sales accounted for the largest share, with 1,381 deals worth 6.32 Billion Dirhams (64.1% of the total), while the value of off-plan sales amounted to 3.54 Billion Dirhams (35.9% of the total), resulting from 1,769 deals.
Geographical Distribution
The first Zabeel area came in the lead in terms of sales value with 701 Million Dirhams resulting from 209 deals, and the Palm Jumeirah area came second with 51 deals worth 527 Million Dirhams, third was the Palm Deira area through 55 deals worth 523 Million Dirhams, and fourth was the Business Bay area with 213 deals. With a value of 389 Million Dirhams, and fifth is the Burj Khalifa area, through 89 deals worth 367 Million Dirhams.
Top Deals
The week witnessed a number of large deals, most notably a donation transaction for a commercial plot of land in the Palm Jumeirah area worth one Billion Dirhams, in addition to the mortgage of a residential plot of land in the Town Square area worth 627 Million Dirhams, and another commercial plot in the Palm Jumeirah area also worth 483 Million Dirhams, and as for sales, the market witnessed the sale of land allocated for a school in the Nad Al-Sheba 3 area for a value of 250 Million Dirhams, and an off-plan apartment in the Jumeirah II area within the Rings project was sold for a value of 65 Million Dirhams, in addition to the deal of a ready villa in the Mohammed bin Rashid City District One area for a value of 43 Million Dirhams. One Million Dirhams, and a hotel apartment in the Burj Khalifa area was sold for 39 Million Dirhams.
Ready Properties
The “Property Finder” platform confirmed that the Dubai real estate market has maintained a growing interest in both ready-made and off-plan units. The platform stated that the first quarter of 2024 witnessed a strong demand for ready properties in the emirate, as the market recorded approximately 19,600 transactions in the first quarter of this year, which led to an increase in its market share to 54% of the total transactions compared to 15,000 transactions, which contributed By 48% of the total transactions of the first quarter of the year 2023. This performance was accompanied by a noticeable growth in volume, amounting to 30% compared to the first quarter of the year 2023.
The value of transactions recorded 78.200 Billion Dirhams in the first quarter, and contributed 68% of the value of sales transactions on ready units, compared to 60% in the first quarter of the year 2023, and thus the value of transactions on ready properties achieved a significant increase of 46%, compared to 53.600 billion. AED in the first quarter of 2023.
As for the number of sales transactions on the map, it reached 16,600 transactions, compared to 16,000 transactions in the first quarter of this year, representing 46% of the total volume of transactions, compared to 52% of the total transactions of the first quarter of 2023. Consequently, transactions on the map recorded a slight increase. On an annual basis, an annual increase of 4% in volume.
The value of off-plan sales transactions in the first quarter of this year reached 37.4 Billion Dirhams, equivalent to 32% of the total value of sales transactions, an increase of 5% compared to the first quarter of 2023, when the value of total sales transactions reached 35.5 Billion Dirhams, and contributed 40%. Of the total value of sales transactions on the map.