Dubai’s weeklong real estate transactions valued at Dhs5.3b

The real estate and properties transactions in Dubai valued at Dhs5.3 billion in total during the week ending 8 April 2022. The sum of transactions was 2,012.

236 plots were sold for Dhs1.07 billion, 1,415 apartments and villas were sold for Dhs2.96 billion.

The top three transactions were a land in Hadaeq Sheikh Mohammed Bin Rashid sold for Dhs74.96 million, followed by a land that was sold for Dhs22.5 million in Al Merkadh, and a land sold for Dhs74.96 million in Hadaeq Sheikh Mohammed Bin Rashid in third place.

Al Hebiah Fifth recorded the most transactions for this week by 119 sales transactions worth Dhs267.82 million, followed by Al Merkadh with 40 sales transactions worth Dhs394.02 million, and Wadi Al Safa 5 with 15 sales transactions worth Dhs75 million in third place.

The top three transfers for apartments and villas were an apartment was sold for Dhs369 million in Marsa Dubai, an apartment was second in the list sold for Dhs339 million in Burj Khalifa, and thirdly it was an apartment sold for Dhs307 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was Dhs1.05 billion, with the highest being a land in Business Bay, mortgaged for Dhs395 million.

53 properties were granted between first-degree relatives worth Dhs269 million.

A total 2,135 real estate transactions worth Dhs8.2 billion in total were conducted during the week ending 1st April, 2022, according to figures released by the Dubai Land Department.

 A total of 247 plots were sold for Dhs1.45 billion, and 1,423 apartments and villas were sold for Dhs3.09 billion. The top three transactions were a land in Palm Jumeirah sold for Dhs280 million, followed by a land that was sold for Dhs30.67 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs30 million in Al Warqaa 3 in third place. Al Hebiah Fifth recorded the most transactions for this week by 121 sales transactions worth Dhs265.54 million, followed by Al Merkadh with 29 sales transactions worth Dhs262.46 million, and Hadaeq Sheikh Mohammed Bin Rashid with 15 sales transactions worth Dhs225 million in third place. The top three transfers for apartments and villas were an apartment was sold for Dhs441 million in Marsa Dubai, an apartment was second in the list sold for Dhs306 million in Burj Khalifa, and thirdly it was an apartment sold for Dhs276 million in Business Bay. The sum of the amount of mortgaged properties for the week was Dhs3.38 billion, with the highest being a land in Nad Al Shiba First, mortgaged for Dhs1 billion. 79 properties were granted between first-degree relatives worth Dhs290 million.

Dubai Land Department (DLD) and National Association of Realtors (NAR) signed recently a landmark Memorandum of Understanding (MoU) during the 2022 edition of the International Property Show (IPS 2022). Signed between Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector in DLD, and Leslie Rouda Smith, President, NAR, the MoU is aimed to enhance mutual cooperation and enhance the expertise of real estate service providers in Dubai to ensure the best services for investors, as part of Dubai’s relentless endeavor towards providing an advanced real estate environment that consolidates its position on the global map and meets the growing investment demands in the emirate.

Among the most important terms of the agreement is exchanging experiences, as well as increasing real estate knowledge, qualifying and continuing education for brokers, and coordinating cooperation between real estate brokers in Dubai and USA to strengthen relations and provide real estate opportunities. To keep pace with the needs of the real estate market in the emirate, IPS 2022 is committed to providing leading real estate education and training, in accordance with international standards, by strengthening partnerships between various stakeholders in the real estate sector and bringing the best global practices to the region.

NAR expressed its delight at signing the MoU with DLD during IPS 2022, which established itself as a leading international platform, not only for real estate transactions, but also for training and qualifying real estate experts, which ultimately serves the interest of the real estate sector as a whole. The ceremony was attended by Teresa King Kinney, President, Miami Realtors Association; Daniel Vasquez, President, CILA; Francisco R. Cheng Leon, President, ACOBIR; Andrea Almeida, President, CFBACC; Tim Hur, President, AREAA Global and Jolio Teodoro Da Silva, President, COFESI.

Last week, The first edition of the Dubai International Real Estate Conference, organised by Dubai Land Department (DLD), shed light on Dubai’s real estate market and the growing future position of this sector thanks to the emirate’s world-class environment and infrastructure. The conference aims to highlight the main role of women in driving sustainable development in the sector.