Dubai property market sees $2.9bn of real estate transactions this week

Dubai property sales this week include Palm Jumeirah apartment and Burj Khalifa home

Dubai property and real estate transactions reached almost $10.5bn ($2.9bn) in the week ending August 18.

According to Dubai Land Department data there were a total of 3,751 transactions.

This week there were AED1.2bn ($327m) of land sales and 2,782 apartments and villas sold for AED6.86bn ($1.9bn).

Dubai property sales
The top three transactions for land were a plot in Al Barshaa South Third sold for AED140m ($38m), land in Palm Jumeirah sold for AED106m ($29m), and a plot sold for AED91m ($25m) in Al Hebiah Fourth.

Madinat Hind 4 recorded the most transactions for this week, with 21 sales transactions worth AED28.86m ($7.9m).

It was followed by Al Hebiah Fifth with 20 sales transactions worth AED51.65m ($14.1m) and Jebel Ali First with 13 sales transactions worth AED80m ($21.8m).

The top three transfers for apartments and villas were an apartment sold for AED112m ($30.5m) in Palm Jumeirah, an apartment in Zabeel First sold for AED59m ($16.1m) and an apartment in the Burj Khalifa sold for AED57m ($15.5m).

The sum of mortgaged properties for the week was AED1.99bn ($542m), with the highest being for land in Business Bay mortgaged for AED350m ($95m).

109 properties were granted between first-degree relatives worth AED438m ($119m).

Source: arabianbusiness.com