Dubai’s real estate market witnessed a record-breaking week during the holy month of Ramadan, with several high-value sales and transactions taking place. From plots of land to apartments and villas, the market saw a flurry of activity that highlights the strong demand for properties in the city.
The top three sales for land during the week were a plot in Al Khairan First worth AED157.08m, land worth AED67m in Island 2, and a plot worth AED59m in The World Islands. These sales demonstrate Dubai’s luxury property market’s continued appeal to high-net-worth investors worldwide.
In terms of sales transactions, Al Hebiah Fifth recorded the most activity with 52 sales transactions worth AED165m, followed by Madinat Hind 4 with 21 sales transactions worth AED26.78m and Jebel Ali First with 14 sales transactions worth AED60m in third place. These areas have seen steady growth and development over the years, making them popular choices among buyers and investors.
The top three apartment and villa transfers were an AED82m villa, a AED57m apartment, and a AED55m apartment in Palm Jumeirah. These transactions demonstrate the continued demand for high-end properties in Dubai’s most sought-after locations.
The value of mortgaged properties for the week settled at AED3.8b, indicating a healthy level of activity in the mortgage market. Meanwhile, 123 properties were gifted between first-degree relatives worth AED597m, highlighting the importance of family ties and inheritance planning in Dubai’s property market.
Overall, the week’s activity in Dubai’s real estate market was impressive, with several high-value sales and transactions taking place. The strong demand for properties in the city, especially in luxury segments, is a testament to Dubai’s status as a global hub for business and investment. As the city continues to grow and develop, it is expected that the real estate market will continue to flourish, offering investors and buyers alike exciting opportunities to own a piece of one of the world’s most dynamic and cosmopolitan cities.