The Dubai real estate sector recorded transactions worth AED 13.36 billion ($3.6bn) in the last week alone, where an apartment in Dubai Marina fetched $ 27m, the latest data from the Dubai Land Department said yesterday.
Sales dominated the activity, and with the AED 10.01bn ($2.7bn) overall amount concluded on sales, the activity registered. From September 16 to September 20, 4,243 sales transactions were completed, reflecting the ongoing demand and growth within Dubai’s property market.
Notable transactions recorded
According to the Land Department, the following are some of the most significant deals:
- An apartment in Six Senses Residences in Dubai Marina for AED 99 million ($27m). This is one of the highest transactions of the week.
- A Baccarat Residence apartment in the Burj Khalifa area for AED 34.3m ($9.3m).
- An apartment in Como Residences on Palm Jumeirah sold for AED 22.6m ($6.1m).
Mortgage and Gift Transactions Fuel the Momentum
Sales are being reported even as the Land Department in UAE records notable mortgage transactions to be AED 2.68bn ($730m last week). The figures comprise residential as well as commercial investment in real estate, which shows that good confidence is being shown both by property buyers and financial institutions.
The same period also saw the growth of gifts transactions - an intrinsic feature of the Dubai real estate market, increasing by AED 670m ($182m), sometimes interpreted as a transfer of rights of ownership between family and business partners.
Confidence Climbing in Dubai Real Estate
This trend is part of a bigger trend within Dubai’s real estate sector. The demand for luxury properties, prime locations, and attractive mortgage rates are forming a fueling source for growth. Dubai remains the global hub for business, tourism, and luxury living, and international investors and potential Dubai residents continue to tap into the appeal offered by this dynamic real estate market.
Despite continuous investment in infrastructure and innovative developments, the city never seems to slow down in its real estate sector. It provides a one-stop shop for growth and high returns on investment in its ever-growing market.
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