The emirate’s real estate market certainly went through fast growth over that week as the Land Department figures showed that the total value of property transactions reached over AED 17. 5 billion ($4. 8 billion). This was the increased by nearly $500 million in the previous week transaction that stat heart was AED 15. 9 billion ($4. 3 billion).
The first component was sales operation, which took the largest share of the total transactions as indicated by AED 13. 34 billion ($3. 6 billion). In a similar fashion, the data obtained from the Land Department encompassing the volume of sale transactions from June 3 to June 7 was equal to 4,182, which also points out towards the sort emerging within the specified field of real estate.
Some of the notable sales in the buildings featured on the Land Department’s website include an apartment located in Serenia Living – Tower 3, Palm Jumeirah which recorded a Huge AED 110 million ($30 million). Also, an apartment in FIVE LUXE, a Marsa DXB property, went for $14. 7 million, as another apartment in Six Senses Residences The Palm, Palm Jumeirah went for $13. 4 million.
Apart from the sales we have noticed that there were mortgage deals of the value of AED 2. 95 billion ($803 million) of the same week indicating a healthy activity level on the real estate financing front. Furthermore, twenty nine gift transactions during this period were witnessed with a total value of AED 1. 24 billion ($338 million).
The appearance of a huge increase in the turnover in real estate sales demonstrates the confidence of investors and underlines Dubai’s stability as one of the world’s major centers for real estate activity. Yet there are many challenges – however the emirate remains an investor and homebuyer magnet thanks to the preferable geographical location, advanced infrastructural provision, and investment opportunities.
Since there is such a lively turnover in the sphere of purchasing and sale in the real estate market, the market participants expect further development of the sector throughout the following years and its further contribution to the economy of Dubai.
