Dubai Real Estate Market Soars with Billions in Deals
Dubai’s Booming Real Estate Sector
Dubai’s real estate market experienced a surge in activity last week, with transactions totaling a substantial 15.5 billion dirhams across 4,358 deals. This illustrates the ongoing strength and appeal of property investments within the emirate.
Sales and Mortgages Soar
Sales transactions registered 3,521 deals amounting to 11.2 billion dirhams. Moreover, 695 real estate mortgage transactions were finalized, valued at 3.2 billion dirhams. Another 142 transactions were registered, reflecting a value of 1.1 billion dirhams.
The sales were split among various property types. There were 591 land sales, alongside 2,747 residential unit sales, plus 183 building sales. Mortgage deals also varied. They included 164 land mortgages, 670 residential unit mortgages, and 96 building mortgages.
Ready-Made vs. Off-Plan Sales
Sales of ready-made real estate in Dubai reached 6.2 billion dirhams, involving 1,446 transactions. Conversely, off-plan real estate sales hit 4.9 billion dirhams, encompassing 2,075 transactions.
Top Areas for Sales
The Dubai Complex for the second investment led in sales value, reaching 945 million dirhams. The Nakhleh Jumeirah area followed with 819 million dirhams, and Al-Leis 1 came third at 722 million dirhams. The Gulf Business area recorded 505 million dirhams, with the second Ma’asim region achieving 478 million dirhams.
Significant Property Sales
A commercial plot sale in Nakhleh Jumeirah was valued at 365 million dirhams. Additionally, a residential apartment on the plan within the “Aman Residence Dubai” project in the second Jumeirah area sold for 125 million dirhams.
Two apartments under construction in the first Jumeirah area, within the “Jumeirah Asura Bay” project, were also sold. One apartment fetched 92 million dirhams, the other 89 million dirhams, alongside exhibitions worth 80 million dirhams.
The robust activity in Dubai’s real estate market suggests a vibrant and dynamic market. According to recent data, the city’s real estate market is experiencing a rise in foreign investment, as reported by (Dubai Government Website).