Dubai’s real estate market continues to show strong signs of recovery as the city recorded 2,246 property transactions worth Dh11.6 billion during the week ending April 14, 2023. The data was released by the Dubai Land Department, indicating that the market is seeing steady growth and buyers are investing in a range of properties, from plots of land to apartments and villas. In this article, we’ll take a closer look at the latest figures and trends in Dubai’s property market.
Overview of Dubai’s Real Estate Market
Dubai is one of the fastest-growing cities in the world, and the real estate market has played a significant role in driving its growth. The city’s strategic location, excellent infrastructure, and a range of investment opportunities have made it a popular destination for buyers from all over the world. In recent years, the market has experienced a slowdown due to oversupply and economic uncertainty, but the latest figures suggest that the market is now on the road to recovery.
Breakdown of Transactions by Type
According to the data from the Dubai Land Department, the week saw a total of 2,246 property transactions, including 226 plots of land sold for Dh5.76 billion and 2,019 apartments and villas sold for Dh4.42 billion. The top three transactions involved plots of land, with one in Mugatrah selling for Dh3.87 billion, followed by one in Al Layan1 for Dh630.8 million and one in Al Barsha South Fourth for Dh91 million.
The top three locations for property transactions this week were Al Hebiah Fifth, Madinat Hind 4, and Al Hebiah Fourth. Al Hebiah Fifth saw the most transactions, with 74 sales worth Dh198.41 million, followed by Madinat Hind 4 with 34 sales worth Dh44.36 million, and Al Hebiah Fourth with 27 sales worth Dh251 million.
Top Transfers for Apartments and Villas
Palm Jumeirah had the top three transfers for apartments and villas, with properties fetching prices of Dh76 million, Dh58 million, and Dh50 million, respectively. This indicates that Palm Jumeirah remains one of the most sought-after locations in Dubai for buyers looking to invest in luxury apartments and villas.
During the week, mortgaged properties amounted to Dh1.31 billion, with the highest amount mortgaged being a plot of land in Al Thanayah Fourth for Dh91 million.
Transactions between First-Degree Relatives
68 properties were granted between first-degree relatives, with a total value of Dh144 million. This indicates that families continue to invest in property as a means of securing their financial future.
Dubai’s real estate market is showing signs of resilience, with the latest figures indicating steady growth and a range of investment opportunities for buyers. The top-selling locations and top transfers for apartments and villas indicate that luxury properties continue to be in high demand, particularly in sought-after locations like Palm Jumeirah. Overall, the market is poised for continued growth, making it an attractive option for investors looking to diversify their portfolios.