Dubai real estate market experiences strong activity with big deals

2024-03-24 06:24:55

(MENAFN) The Dubai Land Department reported substantial activity in the real estate sector for the past week, with transactions totaling 13.7 billion dirhams across 3,653 transactions. These transactions encompassed various types, including sales, mortgages, and gift transactions. Sales transactions dominated the landscape, with 2,920 deals amounting to 8.14 billion dirhams, followed by 579 mortgage deals totaling 5 billion dirhams, and 154 gift transactions valued at 541 million dirhams.

Among the sales transactions, ready sales accounted for the majority share, comprising 1,356 deals amounting to 5.07 billion dirhams, representing 62.2 percent of the total transaction value. Additionally, planned sales contributed significantly, with a total value of 3.07 billion dirhams stemming from 1,564 deals.

In terms of geographical distribution, the Jumeirah Village Circle area emerged as the leader in sales value, with transactions amounting to 470 million dirhams from 262 deals. Following closely was the Business Bay area, recording 221 deals worth 447 million dirhams, while the First Zabeel area secured the third position with 137 deals valued at 438 million dirhams. Notably, the Burj Khalifa area and Palm Deira area also witnessed substantial transactions, with 85 deals totaling 428 million dirhams and 49 deals amounting to 402 million dirhams, respectively.

The past week witnessed several noteworthy transactions, including the mortgage of a plot of land in the Hasyan II area valued at 3.2 billion dirhams. Additionally, a significant deal involved the sale of villa land within the Bulgari Palaces project in the Jumeirah Bay area, amounting to 155 million dirhams.

Overall, the robust activity in the Dubai real estate market reflects continued investor confidence and interest in the region's property sector. With significant transactions occurring across various segments, the market demonstrates resilience and potential for growth amidst evolving economic conditions.

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