Dubai Real Estate Sector Records $4.1 Billion in Transactions Last Week
The Dubai real estate sector experienced robust activity last week, recording over AED15 billion ($4.1 billion) in transactions, according to data from the Dubai Land Department.
Sales Dominate Market Activity
Sales were the primary driver of this activity, accounting for AED12.91 billion ($3.5 billion) of the total transactions. A total of 4,064 sales transactions were recorded between August 5 and August 9.
Highlighted Sales Transactions
Several high-profile sales transactions were highlighted on the Land Department’s website:
- An apartment in Armani Beach Residences on Palm Jumeirah sold for AED48.9 million ($13.3 million).
- A second apartment in Six Senses Residences in Dubai Marina sold for AED28.3 million ($7.7 million).
- An apartment in Royal Atlantis Resort and Residences on Palm Jumeirah sold for AED25.4 million ($6.9 million).
Mortgage and Gift Transactions
The Land Department also reported mortgage deals totaling AED1.7 billion ($463 million) last week. Additionally, gift transactions during the same period were valued at AED413 million ($112.5 million).
Continued Interest in Luxury Properties
The latest figures highlight the ongoing interest in Dubai’s luxury property market, as investors continue to seek high-value residences in prestigious locations like Palm Jumeirah and Dubai Marina. This trend underscores Dubai’s position as a global hotspot for luxury real estate, attracting affluent buyers from around the world.
Future Outlook for Dubai’s Real Estate Market
Looking ahead, experts anticipate that Dubai’s real estate market will maintain its upward trajectory, driven by continued demand for luxury properties and favorable economic conditions. With upcoming projects and developments on the horizon, Dubai remains a key destination for real estate investment, promising lucrative opportunities for investors and developers alike.
Reference: Arabian Business
