Dubai’s Weekly Real Estate Transactions Exceed AED 21 Billion for the First Time in its History

Dubai’s real estate market continues to surge, breaking previous records as the emirate strengthens its appeal as a destination for investment, business, living and tourism. Real estate transactions at the Dubai Land Department this week exceeded AED 21.4 billion, resulting from 6,294 transactions.

This is the highest weekly value ever recorded in the market’s history, surpassing the previous peak of AED 20 billion recorded in June. October also saw a record start to the month’s transactions with sales of AED 14 billion in just four days.

In detail, real estate transactions at the Dubai Land Department last week exceeded AED 21.4 billion, resulting from 6,294 transactions. The department witnessed the registration of more than 5,321 sales worth AED 17.8 billion, 790 mortgage transactions worth AED 3.01 billion and 183 gift transactions worth AED 633 million.

The weekly sales deals were distributed to include 528 land sales, 4,023 residential unit sales and 770 building sales, while mortgage deals were distributed to 200 land mortgages, 534 residential unit mortgages and 89 building mortgages.

The Al Yalayis 1 area came in first in terms of sales value with AED 2.83 million resulting from a single deal, followed by the Dubai Investment Park 2 area with 379 deals worth AED 1 billion, third by the Sheikh Mohammed bin Rashid Gardens area with 349 deals worth AED 900 million, fourth by the Al Yefra 1 area with 121 deals worth AED 722 million, and fifth by the Business Bay area with 177 deals worth AED 652 million.

During the week, the real estate market witnessed the sale of a plot of land in the Al Yalayis 1 area for AED 2.83 billion, in addition to the sale of a commercial land in the first commercial center area for AED 409 million. A villa under construction in the Palm Jumeirah area was also sold for AED 203 million, and another villa in the same area for AED 170 million. A deal was also concluded to sell a residential apartment in the Jumeirah Bay area for AED 45 million.

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