Dubai’s weeklong real estate transactions valued at Dhs7.4b

Dubai saw the completion of 1,685 real estate transactions, valued at Dhs7.4 billion, this week.

According to the Dubai Land Department (DLD) report, 177 plots were sold for Dhs2.15 billion, while 1,137 apartments and villas were sold for Dhs2.8 billion.

The top three transactions were a land in Al Hebiah Fifth sold for Dhs758.02 million, followed by a land that was sold for Dhs263.75 million in Al Hebiah Fifth, and a land sold for Dhs150 million in Palm Deira in third place.

Jabal Ali First recorded the most transactions for this week by 40 sales transactions worth Dhs112.77 million, followed by Wadi Al Safa 5 with 37 sales transactions worth Dhs181.14 million, and Hadaeq Sheikh Mohammed Bin Rashid with 19 sales transactions worth Dhs329 million in third place.

The total value of mortgaged properties for the week stood at 2.16 billion. 73 properties were transferred between first-degree relatives worth Dhs326 million.

Dubai’s real estate market recorded 246 sales transactions worth Dhs610.89 million and mortgage deals of Dhs151.82 million in addition to 10 gift transactions amounting to Dhs17.58 million last week, data released by the emirate’s Land Department (DLD) showed.

The sales covered 223 villas and apartments worth Dhs503.64 million, and 23 land plots worth Dhs107.25 million, while the mortgages included 38 villas and apartments worth Dhs110.84 million and 18 land plots valued at Dhs40.99 million, bringing the total realty transactions to Dhs780 million.

Dubai saw the completion of 1,850 real estate transactions at over Dhs7 billion during this week, according to the Dubai Land Department (DLD).

The DLD weekly report said 166 plots were sold for Dhs1.01 billion, along with 1684 apartments and villas for Dhs3.83 billion.

The top land transactions were for Mohammed Bin Rashid Gardens, Dhs144 million, Nad Al Shaba, Dhs79 million and Jebel Ali, Dhs77 million.

Business Bay topped the list in terms of the number of villa and apartment sales, 285 worth Dhs624, followed by Dubai Marina, 206 worth Dhs575 million.

The sum of the amount of mortgaged properties for the week was Dhs1.97 billion. In addition, 71 properties were granted between first-degree relatives worth Dhs246.86 million.

Meanwhile, Forbes Middle East has unveiled its “Top 50 Real Estate Developers In Mena 2021” list, featuring companies that have delivered some of the most significant projects in the region this year.

The list was developed based on financials, reputation, company’s age, value of projects completed and projects under construction, and the size of the landbank and units held by the company. Developers whose projects are not yet functional have been excluded, as the list only looks at developers who have delivered their projects.

The UAE-based Emaar Properties topped the list, with total assets valued at $34 billion as of the end of September 2021. Emaar Properties is one of the largest publicly-listed real estate companies by assets in the GCC. Abu Dhabi-based Aldar Properties placed second, with $11.3 billion total assets as of September 2021. An Aldar-ADQ consortium acquired 85.5 per cent of SODIC in a deal valued at $388 million in December 2021. Egyptian mixed-use developer SODIC made the list, ranking 36th.

The developers featured on this list represent nine countries in the region. The UAE leads with 17 companies on the list, four of which are in the top five, while 11 are headquartered in Saudi Arabia, followed by seven in Egypt, six in Kuwait, three in Qatar, two each in Oman, and Morocco, and one each in Bahrain and Jordan.

To recognise the region’s most successful construction companies, Forbes Middle East has also unveiled a ranking of the “Top 10 Construction Companies In Mena2021”. These companies were chosen based on the value of the projects completed and under construction, the number of employees, and the company’s age.

Egypt’s Orascom Construction leads the list, thanks to a host of upcoming projects in the country, including the Grand Egyptian Museum, the Monorail, and the Greater Cairo Metro. Of the 10 companies, half are based in the UAE with diverse projects, including Yas Island, the Sheikh Zayed Grand Mosque, and Expo 2020 Dubai.

According to the data of the 20th edition of Mo’asher, Dubai’s official sales price index launched by Dubai Land Department (DLD) in partnership with Property Finder, October 2021 recorded 5,352 sales transactions worth Dhs13.12 billion, making it the best October on record for the past eight years.

The base year for Mo’asher is 2012, and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.

The index indicates that including October 2021, the year-to-date total is 48,651 sales transactions worth Dhs177.44 billion. In just 10 months, the value of real estate sales transactions is 63.4% more than 2020 as a whole and is already the highest yearly sales figure since 2015.