Last week property transactions in Dubai hit AED 10.4B (USD 2.85B)

Last week property transactions in Dubai hit AED 10.4B (USD 2.85B)
During the week ending April 7, a total of 2,793 property and land deals were recorded in Dubai. According to the data from the Dubai Land Department (DLD), real estate transactions in the emirate amounted to AED 10.4B (USD 2.85B). The weekly report by the DLD stated that 222 land plots were sold for AED 1.8B (USD 490M) and 2,086 villas and apartments were sold for AED 4.56B (USD 1.2B).

According to the experts, the Dubai real estate market in 2023 will grow intensively, due to the strong economy of the UAE, a convenient business climate, low tax rates and a new wave of migration.
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Dubai property market review:

  1. The top land deals included a plot in the popular area of Business Bay sold for AED 456.25M (USD 124.24M) and a premise that sold for AED 150M (USD 40.8M) in Al Thanayah Fourth.
  2. Last week, the highest rate of transactions were recorded in the neighbourhood of Al Hebiah Fifth, with 93 deals amounting to AED 246.61M (USD 67.16M). This was followed by the MADINAT HIND 4 community with 33 sales transactions worth AED 43.22M (USD 11.76M) and Al Hebiah Fourth with 30 sales deals amounting to AED 261M (USD 71M).
  3. The top three transfers for villas and apartments comprised a property sold for AED 170M (USD 46M) in Wadi Al Safa 3, and a couple of apartments in Island 2 that sold for AED 137M (USD 37.3M) and AED 130M (USD 35M).
  4. The total amount of mortgaged real estate for the last week amounted to AED 3.96B (USD 1.1B). The largest transaction was a land plot in the community of Mirdif, mortgaged for AED 1B (USD 272M).
  5. 76 properties were granted between first-degree relatives for the amount of AED 138M (USD 37.6M).