Dubai Real Estate Surges Past AED 22 Billion in Weekly Deals
Strong Investor Confidence Fuels Robust Market Performance
Dubai’s dynamic real estate market has closed out the past week with a remarkable AED 22.59 billion in transactions, cementing its status as a global investment hub. This significant figure was achieved through 6,100 recorded deals, underscoring a vibrant and active market.
Record-Breaking Transactions Detail the Market’s Breadth
The week’s activity saw a substantial 4,883 transactions focused on sales. Residential units led the charge with 4,132 sales, complemented by 198 building sales and 553 land plot transactions, according to data from the Dubai Land and Property Department’s Dubai Rest application.
Mortgage activity remained strong, with 1,062 transactions valued at AED 4.21 billion. This included 635 residential unit mortgages, 156 building mortgages, and 271 land mortgages. Gifts in the real estate sector also contributed, with 155 transactions totaling approximately AED 1.01 billion.
Prime Areas Drive Sales Value
The “Ras Al Khor” district emerged as the top performer in sales value, generating AED 2.9 billion. “Business Bay” followed closely in second place with around AED 1.5 billion, while “Wadi Al Sef 3” secured the third spot with AED 1.08 billion. “Jumeirah II” and the Dubai Second Investment Complex rounded out the top five areas, recording AED 710.05 million and AED 671.69 million respectively.
Daily Performance Highlights Consistent Activity
On a daily basis, Dubai’s real estate sector recorded approximately AED 2.68 billion across 718 deals, with sales alone amounting to AED 2.18 billion. “Business Bay” also led daily sales value with AED 887.77 million, followed by “Jumeirah II” at AED 167.15 million and “Dubai Navi City” with AED 82.47 million.
Notable Land Sale in Business Bay
A significant transaction yesterday involved the sale of a land plot in the “Business Bay” area spanning 115.84 thousand square feet, valued at an impressive AED 780.76 million.
“The performance of Dubai’s real estate sector from the beginning of the summer season until this week remains very positive, supported by the continued flow of capital and the escalation of investor confidence,” stated Nader Talaat, CEO of Al Aqqi Real Estate Company in Dubai.
He further elaborated that despite typical summer seasonal challenges, the market demonstrates exceptional flexibility and a strong capacity to meet rising demand. Talaat noted an uptick in trading volume for both residential and commercial units, boosted by new residency programs and major development projects that enhance Dubai’s global appeal. He also highlighted the role of advanced infrastructure, supportive legislation, and economic diversification in maintaining this positive momentum.
According to Knight Frank, Dubai’s prime property market saw a 20% year-on-year increase in sales value in Q1 2024, demonstrating sustained global investor interest.
