As mentioned by Arabian Business, the Dubai real estate sector has entered 2024 with robust sales and mortgage activity.
According to Arabian Business, Dubai’s real estate and property transactions amounted to AED 10.1 billion ($2.75 billion) for the week, based on data from the Dubai Land Department. During the week ending January 12, there were a total of 2,910 transactions recorded. Among these transactions, 209 plots were sold, totaling AED 2.19 billion ($596 million), while 2,100 apartments and villas were sold, amounting to AED 4.84 billion ($1.3 billion).
Dubai real estate this week
According to data from the Dubai Land Department, Arabian Business reports that the top three transactions for land this week were led by a plot in Al Hebiah Sixth, which was sold for AED 138.65 million ($37.75 million). This was followed by land sold for AED 105 million ($28.6 million) in Business Bay and land sold for AED 47.36 million ($12.9 million) in Palm Jebel Ali.
Al Hebiah Fifth recorded the highest number of transactions this week, with 44 sales transactions totaling AED 163.91 million ($44.6 million). This was followed by Hadaeq Sheikh Mohammed Bin Rashid with 33 sales transactions worth AED 398.83 million ($108.6 million), and Madinat Hind 4 with 30 sales transactions worth AED 42.29 million ($11.5 million).
In terms of apartments and villas, the top three transfers were an apartment sold for AED 66 million ($18 million) in Al Wasl, a home sold for AED 46 million ($12.5 million) in Al Thanayah Fourth, and a property sold for AED 40.02 million ($10.9 million) in Al Hebiah Fourth.
The total amount of mortgaged properties for the week reached AED 2.28 billion ($620.1 million), with the highest being a land in Al Raffa, mortgaged for AED 269.5 million ($73.4 million).
Additionally, 82 properties were granted between first-degree relatives, amounting to AED 799 million ($217.5 million).
