Dubai real estate market is on fire. $2.5bn of property deals this week

The emirate recorded a 95% uptick in the volume of off-plan transactions, according to Property Finder. The Dubai real estate sector saw 3,105 transactions, worth AED9.1bn ($2.5bn), this week, according to Arabian Business. In the week ending May 19, the Dubai Land Department said 191 plots were sold for AED1.14bn, and 2,284 apartments and villas were sold for AED6.03bn. 

The top three transactions for land a plot in Island 2 sold for AED135m, followed by land sold for AED50m in Business Bay, and another land sold for AED50m in Hadaeq Sheikh Mohammed Bin Rashid. Al Hebiah Fifth recorded the top transactions for this week, with 54 sales worth AED185.13m, followed by MADINAT HIND 4 with 34 sales worth AED50.26m, and Al Hebiah Third with 14 sales worth AED53m.

The top three transfers for apartments and villas included an apartment sold for AED122m in Island 2, another apartment sold for AED105m in Palm Jumeirah and a villa sold for AED74m in World Islands.

The sum of mortgaged properties for the week was AED1.68bn, with the highest being land in Business Bay, mortgaged for AED350m. About 77 properties worth AED264m were transferred between first-degree relatives.

The performance of the Dubai property market last year was described as “exceptional” by Crown Prince, Sheikh Hamdan bin Mohammed, as the value of deals reached a new high of Dh528 billion.

The value of transactions was up 76.5 percent annually, while the number of transactions, at 122,658, rose 44.7 percent year on year, a Dubai Media Office statement said in January.

About 60 percent of people who desire to buy property in Dubai are looking for an apartment, while 40.3 percent are interested in villas or townhouses.

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