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Dubai records $2.3bn in real estate deals in one week

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Dubai recorded 2,884 property transactions valued at $2.3 billion (8.7 billion dirhams) during the week ending 27th May, according to the Dubai Land Department.

DLD weekly report stated that 297 plots were sold for 1.59 billion dirhams, as well as 2,116 apartments and villas for 4.75 billion dirhams, according to Dubai Media Office.

The three top land transactions were an Al Wasl land sold for 218 million dirhams, an Al Warsan First land sold for 110 million dirhams, and a Saih Shuaib 2 land sold for 38.04 million dirhams.

Al Hebiah Fifth recorded the most sales with 89 transactions for 216.11 million dirhams, followed by Jabal Ali First with 57 sales transactions for 188.42 million dirhams, and Al Merkadh with 37 sales transactions for 292 million dirhams for third place.

An apartment in Burj Khalifa was sold for 635 million dirhams, an apartment in Business Bay was sold for 563 million dirhams, and an apartment in Al Wasl was sold for 495 million dirhams.

In addition, there were 2.02 billion dirhams worth of mortgaged properties last week. A total of 89 properties worth 413 million dirhams were granted between relatives.

Source: Arab Business