This Week’s Dubai Property Deals Total $2.478bn

Dubai Property continued its strong run with more than $2.478bn (AED9.1bn) in property transactions this week.

According to data compiled by the Dubai Land Department, there were 3,186 transactions recorded in the city in the week ending December 9.

The Land Department report of Dubai Property revealed that 419 plots were sold for $610m (AED2.24b), while 2,233 apartments and villas were purchased for $1.263bn (AED4.64b).

The top three transactions were a land in Marsa Dubai sold for $72.3m (AED265.69m), followed by a land that was sold for $17.5m (AED64.16m) in World Islands, and a land sold for $10.3m (AED38m) in Palm Deira.

Al Hebiah Fifth recorded the most transactions for this week in Dubai Property with 200 sales transactions worth $169m (AED621.52m), followed by Jabal Ali First with 79 transactions worth $70m (AED255.32m), and Al Yufrah 2 with 25 transactions worth $8.7m (AED32m).

The top three transfers for apartments and villas were an $14.7m (AED54m) apartment, an $13.6m (AED50m) apartment and an $10m (AED37m) apartment all located in Jumeirah Second.

The value of mortgaged properties for the week landed at $476m (AED1.75b), with the highest being a land in Me’Aisem First, mortgaged for $98m (AED360m).

Meanwhile,129 properties were granted between first-degree relatives worth $136m (AED500m).

This week Emaar founder Mohammed Alabbar said he is confident the emirate’s property prices still have “great potential” to grow, and that the emirate’s prices should be studied in comparison to other global cities.

In an interview, he told Arabian Business: “Compare the price per square meter in Dubai to Shanghai, to New York, to Chicago. I challenge you to do that and not come to the conclusion that Dubai property is still a cheap deal.”

Source of the article “Dubai Property”: ARABIAN BUSINESS

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