The total value of properties sold in Dubai last week hits a record AED 11.4B (USD 3.1B)

The real estate market of Dubai continues to break records in terms of the number and cost of properties being sold. According to the official data, over the past week the total value of transactions reached AED 11.4B (USD 3.1B). A major part of this figure, amounting to AED 9.32B (USD 2.5B), related to sales and purchase agreements, while the rest was covered by real estate mortgages and inheritance.

The number of contracts registered with the Dubai Land Department last week totalled 2,421, comprising 1,929 apartments and villas, and 492 land plots. The most expensive plot, which was sold for AED 202M (USD 55M), was located in Mohammed Bin Rashid Gardens. Me'aisem Second recorded 101 deals, whilst Wadi Al Safa 2 witnessed 80 of the contracts signed, and Palm Jebel Ali led in terms of the number of transactions. The relaunch of the latter is in good progress, with 79 plots sold by the end of the week worth AED 2B (USD 542M).

A deal worth AED 143M (USD 39M) for a residence on Island 2 that sits along the shoreline of Jumeirah topped the list. Second place for villas and apartments went to a property in Business Bay, which was sold for AED 51M (USD 14K), followed by an apartment in Me'aisem First priced at AED 38M (USD 10M).

The emirate's residential sector continues to show an increase in figures compared to previous years, both in respect to the scope and the value of transactions. Increased demand is leading to an upward trend in property prices, the continued development of new projects, and lucrative investment opportunities.