Dubai real estate: AED 8.1 billion in property deals last week

Dubai witnessed more than AED 8.1 billion ($ 2.2 billion) of property transactions last week, according to data shared by the Dubai Land Department. A total of 2,574 real estate transactions were conducted during the week ending Friday, 13 January 2023.

The Dubai Land Department data revealed 221 land plots sold for AED 1.18 billion ($321.2 million) and 1,889 apartment and villa transactions worth AED 4.93 billion ($1.3 billion).

Damac Lagoons came in first for the most transfers last week recording 112 sales transactions worth AED 433.61 million ($118.5 million) followed by Jadaf with 25 sales transactions worth AED 57.53 million ($15.7 million) and Jebel Ali Village with 21 property deals worth AED 115 million ($31.3 million).

The top three transfers for apartments and villas were an apartment in Al Raffa sold for AED 125 million ($34 million) a property in Jadaf sold for AED 120 million ($32.7 million) another a villa sold for AED 116 million ($31.6 million) in Jumeirah Islands.

The value of mortgaged properties were at AED 1.51 billion ($411.1 million) while properties gifted between first-degree relatives came to 92 worth AED 498 million ($136 million).

A significant decline witnessed from last week, when Dubai property transactions valued at AED 10 billion ($2.7 billion). The sum of transactions was 2,702.

A positive sign for the Dubai real estate market, indicating a strong demand in the industry also reflecting Dubai's growing status as a global business and tourism destination.