Dubai Real Estate Sector Records $5.4bn in Transactions Last Week

Dubai: Recent indicators provided by the Dubai Land Department reve that the real estate market of Dubai was productive last week reaching more than AED 19. 71bln ($5. 36 bln) in transactions. This is slightly up from the previous week’s figure of AED17. 5billion ($4. 8billion), by about AED2. 05billion ($560 million).

Sales Dominate the Market

Sales themselves went a long way in contributing to the general amounts and contributed the most with AED 14. 71 billion ($ 4 billion) to the total of transactions. 30 days of selling activity were highlighted during June 10 to June 14, the total of 4,590 sales transactions reflecting the healthy market operation.

Among the standout sales recorded on the Land Department website were:

• An apartment in Bulgari Lighthouse, Island 2 sold for AED148 million ($40 million).
• An apartment in Six Senses Residences The Palm, Palm Jumeirah, sold for AED122 million ($33.2 million).
• An apartment in Casa Canal, Dubai Water Canal, sold for AED56 million ($15.3 million).

Mortgage and Gift Transactions

Further to the sales another key activity in the Dubai real estate market comprised the mortgage transactions which totalled AED 3. 37 billion ($ 918 million). Egypt was a major player in gift transactions for the same period signaling AED 1. 63 billion ($ 444 million).

These recent numbers point to a healthy and growing market for real estate in Dubai, a tendency that is an attractive prop for both investors and end-users. The relatively higher transaction volumes As at also bring out the aspect of stability and opportunities of the sector given the ability to attract high end investments and premium property deals.