DUBAI RECORDS US$2.8 BILLION IN REAL ESTATE TRANSACTIONS

Real estate transactions in Dubai hit AED10.3 billion (US$2.8 billion) during the week ending August 19, across more than 3,000 deals.

Sales of ready-made apartments and villas dominated at 2,239, while 344 plots were sold during the week, according to data for Dubai Land Department (DLD).

The biggest transaction was a land sale in Al Wasl at AED400.18 million, followed by an AED205 million land sale in Hadeq Mohammed bin Rashid. A land in Palm Jumeirah sold for AED130 million was also among the top transactions.

Dubai’s property market picks up, with thousands of new residential units entering the market recently as developers look to cash in on strong market sentiment.

Dubai saw more than 5,800 flats and villas entering the off-plan market for sale, with an anticipated combined gross sales value of AED10.4 billion (US$2.8 billion).

“While the resale and completed property market slows down under pressure from a combination of low inventory and a bid-ask spread between buyers and sellers that has stagnated, new off-plan development project launches continue to surge,” noted Zhann Jochinke, Chief Operating Officer of Property Monitor.

After a quiet 2020, developers have resumed project launches, unveiling several off-plan residential developments that range from apartments in high-rises to villas in premium neighbourhoods. Project launches started picking up during the last three months of 2021.