Dubai real estate market records $6.3bn of land and property deals this week

Dubai real estate sector saw massive Jebel Ali mortgage deal worth $3.bn dominate sector this week

The Dubai real estate sector recorded transactions valued at AED23.1bn ($6.3bn) in the week ending August 25, according to data from the city Land Department.

In total there were 3,229 transactions.

183 plots were sold for AED1.33bn ($362m) and 2,361 apartments and villas were sold for AED5.77bn ($1.6bn).

Dubai real estate this week
The top three transactions for land were a plot in Madinat Dubai Almelaheyah sold for AED93.37m ($25.4m), followed by land sold for AED76m ($20.7m) in Palm Jumeirah, and a plot sold for AED64.1m ($17.5) in Al Barsha South Second.

Madinat Al Mataar recorded the most transactions for the week, with 51 sales transactions worth AED182.3m ($49.6m).

This was followed by Al Hebiah Fifth with 24 sales transactions worth AED59.3m ($16.1) and Saih Shuaib 1 with 19 sales transactions worth AED33m in third place ($8.9m).

The top three transfers for apartments and villas were all in Palm Jumeirah.

First up was a villa sold for AED65m ($17.7m), followed by other homes sold for AED57m ($15.5m) and AED54m ($14.7m).

The sum of the amount of mortgaged properties for the week was AED15.75bn ($4.3bn), with the highest being a massive AED14bn ($3.8bn) for land in Jebel Ali Industrial First.

121 properties were granted between first-degree relatives worth AED301m ($82m).

Source: arabianbusiness.com