Inside Dubai’s Booming Real Estate Market: Highlights from a Record-breaking Week
This week, Dubai’s real estate sector has been buzzing with activity, witnessing a staggering $2.7 billion in transactions. According to the Dubai Land Department, a total of 3,543 transactions took place in the week ending February 9.
The breakdown of these transactions reveals a dynamic market landscape. Land transactions amounted to AED 1.61 billion ($438 million), with 197 plots changing hands. Meanwhile, apartments and villas in dubai saw robust activity, totaling AED 5.68 billion ($1.547 billion) across 2,572 units.
Notably, the top three land transactions included a plot in Warsan Fourth fetching AED 120.32 million ($33 million), followed by sales in Al Barsha South Third and Wadi Al Safa 3.
In terms of residential properties, Island 2 took the spotlight with an apartment selling for a remarkable AED 140.45 million ($38 million). This was closely followed by sales in Jumeirah First and Al Safouh Second.
Moreover, Madinat Hind 4 emerged as the top-performing area this week, recording 77 sales transactions worth AED 199.72 million ($54 million). Al Hebiah Fifth and Jebel Ali First also made significant contributions to the market, showcasing the diversity of Dubai’s real estate landscape.
Additionally, the week saw AED 1.8 billion ($490 million) worth of properties being mortgaged, with notable activity in Wadi Al Safa 3. Furthermore, family ties played a role in property transfers, with 135 properties granted between first-degree relatives, totaling AED 725 million ($197 million).
This week’s real estate activity underscores Dubai’s resilience and attractiveness as a global investment destination, offering diverse opportunities across various segments of the market.
