The Real Estate Market in Dubai Showed USD 2.7B in Sold Properties Last Week

The Real Estate Market in Dubai Showed USD 2.7B in Sold Properties Last Week
According to the Dubai Land Department, in the week ending July 21, the Dubai real estate market saw 3,030 property transactions with a total value of AED 10B (USD 2.7B).
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PUBLISHED: 25 July 2023
 The number of sold plots of land reached 378 with a cost of AED 3B (USD 817M), while the total number of sold apartments and villas was 2,124 worth AED 5.13B (USD 1.4B).

The majority of transactions, reaching 133 with a total cost of AED 362.59M (USD 99M), was recorded in Al Hebiah Fifth. In Al Goze Second there were 67 transactions with a value of AED 1.35B (USD 367.6M), while Madinat Hind 4 saw 49 transactions costing AED 73M (USD 20M).

The top three transactions in Dubai took place in Wadi Al Safa 7, where a plot of land was sold for AED 285M (USD 78M), another plot of land was sold for AED 68.34M (USD 18.6M) in Al Goze Second, followed by another plot of land in Al Goze Second that sold for AED 66.54M (USD 18.1M).

In terms of apartments and villas, among the top three properties were:

  • in Business Bay for AED 175M (USD 47.6M)
  • in Al Nahda First for AED 97M (USD 26.4M)
  • in Al Nahda Second for AED 90M (USD 34.5M)
Moreover, 63 properties, worth AED 265M (USD 72.1M), were gifted between first-degree relatives. The total value of mortgaged properties was AED 1.53B (USD 416M). The most expensive mortgaged property was a plot of land in Saih Shuaib 2 worth AED 204M (USD 55M).

Buying a residential unit in Dubai is an ideal investment tool. Renting a property out will bring you a stable passive income. Another option is to purchase off-plan real estate and resell it at a higher price after the completion of the project. Recently launched projects that have attracted the attention of foreign and local investors include Golf Greens in DAMAC Hills, Sobha SeaHaven in Dubai Harbour and South Bay in Dubai South.