Dubai records property transactions worth Dh6bn in one week, DLD says

Top deals were an apartment that sold for Dh373m in Marsa Dubai and a villa for Dh264m in Palm Jumeirah, according to the agency

Seventy-three plots in Dubai were sold for Dh350.29 million and 1,080 apartments and villas were transacted for Dh2.74 billion this week, according to the Dubai Land Department. Photo: Reuters

Dubai recorded 1,592 real estate transactions worth Dh6 billion during the week ending September 30, according to the Dubai Land Department.

Seventy-three plots in Dubai were sold for Dh350.29 million and 1,080 apartments and villas were transacted for Dh2.74bn this week, the DLD weekly report said.

The surge in sale comes as the UAE’s residential property market continues to recover from the impact of the Covid-19 pandemic.

The country’s success in handling the Covid-19 pandemic and its proactive policy measures to jump-start the economy have boosted demand for property, pushing capital values for homes higher.

The UAE’s rapid response to the Covid-19 pandemic has attracted the world’s wealthy investors, who continue to flock to Dubai, snapping up the most expensive homes in locations such as the Palm Jumeirah and Jumeirah Bay, according to global property consultancy Knight Frank. This has played a big part in driving up villa values, the consultancy said in a report.

The top property transactions this week were a land plot in Al Thanayah Fourth that sold for Dh59.5m and a land parcel in Al Qusais First that sold for Dh32.86m, the DLD said.

Al Yufrah 3 recorded the most transactions for this week with 17 sales deals worth Dh15.66m.

This was followed by Nad Al Shiba Third that recorded 10 sales transactions worth Dh28.02m and Al Hebiah Third with nine sales transactions worth Dh18m in third place, the DLD said.

The top three transactions involving apartments and villas in Dubai were an apartment that sold for Dh373m in Marsa Dubai, a villa that sold for Dh264m in Palm Jumeirah and a villa that sold for Dh257m in Wadi Al Safa 5.

The cumulative value of mortgaged properties for the week was Dh2bn, with the highest being a land in Me’Aisem First, which was mortgaged for Dh205m, according to the DLD.

Seventy-one properties worth Dh1bn were granted to first-degree relatives, the agency said.

Villa prices in Dubai have increased 16.5 per cent year-on-year, according to provisional data for the third quarter from Knight Frank. Residential values in Abu Dhabi also climbed two per cent compared to the corresponding period last year, it said.

The number of homes worth more than $10m sold in Dubai currently stands at 54, breaking the previous record of 31, set in 2015, according to Knight Frank.

The Palm Jumeirah and Emirates Hills account for almost 75 per cent of super prime home sales in the city, but new sub-markets in Dubai, such as Business Bay, have also joined the list of locations for homes worth more than $10m, Knight Frank added.

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