Dubai: Real estate market hits AED11.3 bn in weeklong transactions

A total of 2,217 real estate transactions worth AED7 billion were conducted during the week ending 28th October, 2022, according to figures released by the Dubai Land Department (DLD).

A total of 234 plots were sold for AED2.26 billion, and 1,983 apartments and villas were purchased for AED4.74 billion.

The mortgaged properties for the week reached AED2.23 billion, while 97 properties were granted between first-degree relatives worth AED2.25 billion.

The top three land transactions were a land in Palm Jumeirah sold for AED300 million, a land sold for AED130 million in Island 2, and a land sold for AED86 million in World Islands. Jebel Ali recorded the most transactions for this week with 105 sales transactions worth AED353 million, followed by Mohammed bin Rashid Gardens with 29 sales transactions worth AED634 million, and Al Mamzar with 23 sales transactions worth AED166 million.

The top three transactions for apartments and villas were sold in Palm Jumeirah for AED60 million, followed by Umm Suqeim Third for AED49 million, and Me'aisem First for AED45 million.

Business Bay recorded the most transactions for this week with 269 sales transactions worth AED449 million, followed by Dubai Marina with 241 sales transactions worth AED939 million, and Barsha South Fourth with 170 sales transactions worth AED143 million.

News Source: Emirates News Agency