Dubai property market zooms, realty deals reach Dhs4.53 billion - GulfToday

Dubai property market zooms, realty deals reach Dhs4.53 billion


A boat cruises past the Jumeirah Beach Residence in Dubai. AFP

Inayat-ur-Rahman, Deputy Business Editor

The real estate and properties transactions in Dubai valued at Dhs4.53 billion in total during the week. The sum of transactions was 1,541.

113 plots were sold for Dhs548.09 million, 1,036 apartments and villas were sold for Dhs1.87 billion.

The top three transactions were a land in Island 2 sold for Dhs34 million, followed by a land that was sold for Dhs26.5 million in Al Thanayah Fourth, and a land sold for Dhs34 million in Island 2 in third place.

Al Hebiah Fourth recorded the most transactions for this week by 41 sales transactions worth Dhs144.07 million, followed by Nad Al Shiba Third with 23 sales transactions worth Dhs56.7 million, and Al Hebiah Third with 12 sales transactions worth Dhs28 million in third place.

The top three transfers for apartments and villas were an apartment was sold for Dhs309 million in Marsa Dubai, an apartment was second in the list sold for Dhs 177 million in Burj Khalifa, and thirdly it was an apartment sold for Dhs162 million in Al Merkadh.

The sum of the amount of mortgaged properties for the week was Dhs2 billion, with the highest being a land in Mena Jabal Ali, mortgaged for Dhs 480 million.

Muhammad Binghatti, CEO, Binghatti Developers told Gulf Today that he is very optimistic about the future of the real estate sector with the support of the imminent event of the World Expo in October 2021, adding that  the COVID-19 vaccination campaign has also played a vital role in boosting the property sector.

“We see that the market is on upward trajectory, with strong signs of the rental market. These factors enforce the market recovery at a time when supply is steady. Demand is still strong also," Binghatti added.

He mentioned that his company has announced starting sales of an exclusive group of residential units in its new project Binghatti Gate (The Gate) which is at the entrance of the Jumeirah Village Circle in Dubai, with an investment of about Dhs150m.

Binghatti pointed out that the company's current pricing policy is approximately at the secondary market prices levels, as there is no significant difference between the prices of our new projects and the secondary market when selling.

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