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The Dubai Land Department (DLD) recorded 3,697 successfully completed transactions worth AED 13.1B (USD 3.6B) during just one week. These included 184 land plots totalling AED 2B (USD 545M) and 2,770 apartments and villas worth AED 7.5B (USD 2B).
The largest number of transactions between December 15th to 21st were registered in Madinat Hind 4, with 44 transactions worth AED 91.3M (USD 24.9M). In second place was Al Hebiah Fifth with 26 transactions worth AED 96M (USD 26M), and Hadaeq Sheikh Mohammed Bin Rashid came in third place with 18 transactions amounting to AED 278.8M (USD 75.9M).
The most expensive real estate transaction was occupied by a residence on Palm Jumeirah, totalling AED 128.5M (USD 35M), whilst the second highest sales volume went to a villa on World Islands at AED 79M (USD 21.5M). Apartments on Palm Jumeirah took third place, which were bought for AED 78.9M (USD 21.4M).
The largest land deals were as follows:
The total amount of mortgaged properties last week amounted to AED 2.9B (USD 789.6M), including a plot in Nadd Hessa worth a huge AED 817.8M (USD 222.7M). There were 101 transactions between first-degree relatives worth AED 770M (USD 209.6M).
Every year Dubai attracts more and more wealthy investors. According to statistics, in 2023 Dubai attracted a record number of millionaire expats at 4.5 thousand people. This is the highest figure in the world. As a result, the volume of transactions and the number of deals in the real estate market show a steady growth. According to experts, this trend will continue in 2024.
