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Dubai Real Estate Sector Records $3.9 Billion in Transactions Last Week

Posted by main.admin on July 9, 2024

The Dubai real estate sector saw an impressive AED14.3 billion ($3.9 billion) in transactions last week, according to data from the Land Department. This significant activity highlights the robust demand and dynamic nature of the Dubai property market.

Sales Transactions Dominate

Sales transactions were the predominant force behind the figures, amounting to AED9.47 billion ($2.6 billion). A total of 3,168 sales transactions were recorded between July 1 and July 5, showcasing the high level of activity and investor confidence in Dubai’s real estate market.

Strong Financial Performance Fuels Strategic Partnership

Notable Sales in Palm Jumeirah

Among the top sales transactions listed on the Land Department’s website were two luxury apartments in Palm Jumeirah. Both properties are located in the prestigious Orla Infinity by Omniyat development:

  • An apartment sold for AED77 million ($20.9 million).
  • A second apartment sold for AED75.8 million ($20.6 million).

High-Value Sales Near Burj Khalifa

Another significant transaction was an apartment in Baccarat Residences, near the iconic Burj Khalifa, which sold for AED43.5 million ($11.8 million). This sale further underscores the strong demand for luxury properties in prime locations within Dubai.

Mortgage Deals and Gift Transactions

In addition to sales, the Land Department reported mortgage deals worth AED3.87 billion ($1.05 billion) last week. This substantial figure indicates a healthy lending environment and the availability of financing options for property buyers.

Gift transactions during the same period were valued at AED925 million ($252 million), reflecting a vibrant market for property transfers and gifting.

The Dubai real estate sector continues to thrive, with substantial transactions occurring across various segments of the market. The high-value sales in luxury developments such as Palm Jumeirah and near the Burj Khalifa highlight the ongoing appeal of Dubai’s prime real estate. The robust mortgage activity and significant gift transactions further demonstrate the depth and diversity of the market.

Reference: Arabian News

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