Dubai property market sees $2.9bn of deals this week

Dubai property market remains buoyant with 3,252 transactions this week

The Dubai real estate sector saw AED10.7bn ($2.9bn) or land and property deals this week, according to the city Land Department.

In total during the week ending July 28 there were 3,252 transactions.

319 plots were sold for AED1.92bn ($523m) and 2,137 apartments and villas were sold for AED5.75bn ($1.56bn).

Dubai property market

The top three land transactions were a plot in Palm Jumeirah sold for AED150m ($41m), followed by land sold for AED90.19m ($25m) in Al Hebiah Fourth, and land sold for AED58.01m ($15.8m) in Saih Shuaib 4 in third place.

Madinat Hind 4 recorded the most transactions for this week, with 96 sales transactions worth AED133.39m ($36m), followed by Al Hebiah Fifth with 69 sales transactions worth AED187.68m ($52m), and Wadi Al Safa 3 with 60 sales transactions worth AED476m ($130m) in third place.

The top three transfers for apartments and villas were a property sold for AED265m ($72) in Marsa Dubai, a property sold for AED207m ($56m) in Al Goze First, and a villa sold for AED68m ($19m) in World Islands.

The sum of the amount of mortgaged properties for the week was AED2.53bn ($689m), with the highest being land in Marsa Dubai, mortgaged for AED570m ($155m).

283 properties were granted between first-degree relatives worth AED495m ($135m).

Source: arabianbusiness.com