The Dubai real estate market has kicked off the new year on a strong note, with a surge in transactions and a total value exceeding Dhs10.1 billion during the week ending January 12, 2024. The Dubai Land Department (DLD) reports a remarkable uptrend, indicating robust activity in both land and property acquisitions. Let’s delve into the key highlights of the past few weeks and explore the factors contributing to this flourishing market.
Week Ending January 12, 2024:
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The week ending January 12 witnessed a total of 2,910 real estate and property transactions valued at an impressive Dhs10.1 billion. Land transactions led the way, with 209 plots sold for Dhs2.19 billion, closely followed by 2,100 apartment and villa sales amounting to Dhs4.84 billion.
Top Transactions:
1. A land in Al Hebiah Sixth took the lead with a substantial transaction value of Dhs138.65 million.
2. Business Bay secured the second spot with a land transaction worth Dhs105 million.
3. Palm Jabal Ali claimed the third spot with a land sale totaling Dhs47.36 million.
Top Performing Areas:
1. Al Hebiah Fifth recorded the highest number of transactions, with 44 sales totaling Dhs163.91 million.
2. Hadaeq Sheikh Mohammed Bin Rashid followed closely with 33 transactions amounting to Dhs398.83 million.
3. Madinat Hind 4 secured the third position with 30 transactions valued at Dhs42.29 million.
Top Apartment and Villa Transfers:
1. Al Wasl saw a significant transfer worth Dhs66 million.
2. Al Thanayah Fourth secured the second position with a transaction valued at Dhs46 million.
3. Al Hebiah Fourth claimed the third spot with an apartment transfer worth Dhs40.02 million.
Mortgages and Family Transfers:
The week saw a total of Dhs2.28 billion in mortgaged properties, while 82 properties were granted between first-degree relatives, amounting to Dhs799 million.
Comparison with Previous Weeks:
– The previous week, ending January 5, recorded transactions valued at Dhs5.8 billion, with 1,721 transactions.
– The week ending December 22, 2023, witnessed transactions totaling Dhs16.6 billion, marking an exceptional performance with 3,785 transactions.
– December 15, 2023, saw transactions valued at Dhs12.9 billion, reflecting continued strength in the market with 3,888 transactions.
Conclusion:
Dubai’s real estate sector has undoubtedly experienced a remarkable start to the year, continuing the momentum from the previous months. The consistent growth in transaction values and volumes underscores the resilience and attractiveness of the Dubai real estate market. Investors and property enthusiasts should keep a close eye on these trends as they navigate the dynamic landscape of one of the world’s most exciting real estate markets.