Dubai’s real estate market is on fire! The week ending May 5th, 2023, saw a total of 3,050 real estate transactions worth a whopping AED10.4 billion, according to the Dubai Land Department (DLD). It seems like everyone is jumping on the property bandwagon in Dubai, with 189 plots selling for AED1.19 billion and 2,239 apartments and villas selling for AED5.11 billion.
The top transactions of the week were three land sales: one in Al Thanayah Fourth sold for AED52 million, one in Saih Shuaib 2 sold for AED40.62 million, and one in Palm Deira sold for AED35.36 million. But it wasn’t just land that was in demand; apartments and villas were also hot commodities. The most expensive property sold was a lavish AED90 million property in Al Merkadh, followed by an apartment in Jumeirah Second sold for AED78 million, and another apartment in Burj Khalifa sold for AED67 million.
Al Hebiah Fifth took the crown for the highest number of transactions, with 63 sales worth AED188.2 million. MADINAT HIND 4 followed with 22 sales transactions worth AED29.01 million, and Jabal Ali First with 16 sales transactions worth AED58 million.
But that’s not all; the mortgage market was also on fire, with mortgaged properties amounting to AED3.69 billion for the week. The highest mortgage amount of AED653 million was recorded for a land in Al Barshaa South Third. In addition, 110 properties were granted between first degree relatives, worth a total of AED497 million.
Dubai’s real estate market has been experiencing significant growth in recent years, and this trend is showing no signs of slowing down. With attractive government policies, world class infrastructure, and a diverse cultural scene, Dubai has become a global business hub and a popular destination for international buyers and investors. Its tax-free environment, stunning lifestyle offerings, and fabulous attractions continue to attract people from all over the world.
The latest figures from the DLD demonstrate that the real estate market in Dubai is thriving, with a considerable number of transactions across all sectors. The future looks bright for this dynamic city, and we can’t wait to see what the next set of data reveals. If you are looking for a slice of the Dubai real estate pie, now is the time to jump in and join the party!
