The value of real estate transactions in the week ending August 19 was around AED10.3 billion. The sum of transactions was 3,149.
- Sales Transactions: AED 6.48B
- Mortgage Transactions: AED 3.72B
- Best Performing Day: Aug.16th, 2022 – 697 properties worth AED 3.27B
Al Hebiah Fifth had the most number of transactions with 173 sales worth over AED475 million. Second was Jabal Ali First with 70 sales worth AED284.36 million, while Al Yufrah 2 had 28 sales worth AED35 million.
The top three transactions were land sales in Al Wasl, which were valued at around AED400 million each, followed by land sales in Palm Jumeirah for AED 130 million and Hadaeq Sheikh Mohammed Bin Rashid for AED 205 million.
The top three transfers for villas and apartments were in Business Bay, where an apartment was sold for around AED600 million in Business Bay, followed by an apartment in Palm Jumeirah for AED 437 and a property in the Burj Khalifa for AED 406 million.
The total amount of mortgaged properties during the week ended August 19th was at around AED3.72 billion. The highest mortgaged property was a land in Al Mamzer, which was valued at over AED1 billion.
The Dubai government’s decision to introduce visa reforms at a time when the market is expected to grow significantly is expected to attract more foreign investors and expected to grow 5 times to $100billion by 2025. This will allow them to enter the property market.
The recent relaxation of the visa regulations has also attracted more foreign investors to the city. Indians are currently the leading foreign investors in Dubai.