According to the Dubai Land Department, the weekend saw a solid finish to the real estate market in Dubai, with weekly trades totaling AED (Arab Emirates Dirham) 15 billion (USD 4 billion) (Domestic Liability Dollarization).
In Dubai, some 1,936 flats and villas were purchased on November 25 for a combined AED of 4.48 billion. Investors also purchased 313 plots for AED 1.57 billion.
During the week, 2867 transactions were completed in the real estate market overall.
Al Hebiah Fifth led the way with 110 sales transactions totaling AED 351.33 million. Jabal Ali First came in second with 73 deals worth AED 236.59 million, and Al Yufrah 2 came in third with 23 deals totaling AED 29 million.
A 52 million AED property in Jumeirah Second was among the sold residential properties. In addition, a total of AED73 million was paid for selling two additional apartments on the island of Palm Jumeirah.
Deja Vu
Due to investors taking advantage of the UAE’s competitive market, the value of real estate transactions in Dubai increased by 20% in the last week of May 2022.
According to information from the Dubai Land Department, there were 8.7 billion dirhams (USD 2.36 billion) in transactions for the week ending May 27 compared to 7.2 billion dirhams. This is the second such real estate sale spike in 2022.
The transactions included purchasing 297 plots for 1.59 billion dirhams and 2,116 homes worth a total of 4.75 billion dirhams, including apartments and villas.
The total amount of mortgaged real estate for the week was 2.02 billion dirhams, with the highest amount being a 211 million dirham mortgage on a plot of land in Al Hebiah Third.
According to Asteco, prices for villas increased by 40% in the first quarter of 2022, registering an upward trend.