DUBAI, UAE - The bustling real estate market in Dubai has surged to unprecedented heights, reporting transactions valued at over AED 8 billion during the week ending September 22, 2023. This remarkable feat was underpinned by a total of 1,744 transactions, showcasing the city's resilience and attractiveness as a global property investment hub.
In this bustling week of real estate activity, a total of 289 plots changed hands, accounting for an impressive AED 2.11 billion ($555 million) in transactions. Meanwhile, 1,455 apartments and villas found new owners, contributing AED 3.19 billion ($839 million) to the flourishing market.
Top Transactions Reflect Robust Market
The week's top three transactions exemplified the robust market conditions in the emirate. Leading the charge was the sale of a prime land parcel in Wadi Al Safa 3, fetching a staggering AED 79.4 million ($20.9 million). It was closely followed by another land sale in Wadi Al Safa 3, valued at AED 77.69 million ($20.45 million), and a significant land transaction in Al Manara, securing AED 70 million ($18.42 million) for the seller.
High Transaction Volume in Key Areas
Dubai's real estate landscape witnessed a flurry of activity in various neighborhoods. Al Hebiah Fifth emerged as the frontrunner with an impressive 73 sales transactions, collectively amounting to AED 422.26 million ($111.12 million). Madinat Hind 4 followed closely with 54 sales transactions, boasting a total worth of AED 79.2 million ($20.79 million), while Madinat Al Mataar secured third place with 28 sales transactions valued at AED 133.48 million ($35.13 million).
Notable Residential Transfers
The residential segment also saw remarkable transactions, with three notable transfers taking center stage. A luxurious villa in Palm Jumeirah fetched AED 70 million ($18.42 million), clinching the top spot. An opulent apartment in Marsa Dubai came in second, commanding a handsome sum of AED 55.65 million ($14.65 million), while a prestigious property in Palm Jumeirah rounded off the list, exchanging hands for AED 45 million ($11.84 million).
Mortgaged Properties on the Rise
Mortgaged properties played a significant role in the week's real estate activities, amassing a total value of AED 2.28 billion ($600 million). Leading the mortgage category was a sought-after land parcel in Wadi Al Safa 3, securing a mortgage of AED 381.73 million ($100.46 million).
First-Degree Relatives Transactions
Additionally, 147 properties were granted to first-degree relatives during the week, with a combined value of AED 501 million ($131.84 million). These transactions involved individuals and entities within the circle of parents, siblings, children, or fully owned companies.
The astounding success of Dubai's real estate market over the week ending September 22, 2023, underscores the city's resilience and continued appeal to investors from around the world. With a total transaction value exceeding AED 8 billion, this dynamic market continues to set new benchmarks and reaffirms Dubai's status as a global real estate powerhouse.