Dubai property deals top Dhs5 billion record mark - GulfToday

Dubai property deals top Dhs5 billion record mark


Picture used for illustrative purpose only.

Gulf Today, Staff Reporter

The real estate sector in Dubai showed a continuous flow of investments despite the COVID-19 challenges. The real estate and properties transactions reached Dhs5.3 billion in total during the week.

The sum of transactions was 1,705. 102 plots were sold for Dhs628.89 million, 1,164 apartments and villas were sold for Dhs2.35 billion.

The top three transactions were a land in Hadaeq Sheikh Mohammed Bin Rashid sold for Dhs 86 million, followed by a land that was sold for Dhs 61 million in Island 2, and a land sold for Dhs 86 million in Hadaeq Sheikh Mohammed Bin Rashid in third place.

Nad Al Shiba First recorded the most transactions for this week by 17 sales transactions worth Dhs 39.06 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 16 sales transactions worth Dhs 204.95 million, and Jumeirah First with 12 sales transactions worth Dhs 102 million in third place.

The top three transfers for apartments and villas were an apartment was sold for Dhs 374 million in Marsa Dubai, an apartment was second in the list sold for Dhs 216 million in Burj Khalifa, and thirdly it was an apartment sold for Dhs 200 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was 1 billion, with the highest being a land in Business Bay, mortgaged for Dhs 250 million.

97 properties were granted between first-degree relatives worth Dhs 984 million.

Azizi Developments, a leading private developer in the UAE, is scouting for more German engineers and architectural consulting firms to review its projects across Dubai, with new-hires and appointments to play key roles in ensuring that international quality standards are met and surpassed throughout its development processes in Dubai.

Moreover, Azizi is also on the lookout for more German suppliers in an effort to source only top, world-class construction materials and components.

Azizi Developments now plans to advance its efforts in sourcing expertise internationally, with it striving for its developments to become even more innovative, sustainable and adherent to global best practices.

Meanwhile, a leading real estate developer in the UAE, achieved sales of Dhs704 million during the first half of this year, compared to Dhs340mn during the first half of 2020, a growth of 107%.

Sales value in the event of sales day, which was organized by the company, in early July, at the Sofitel Abu Dhabi Corniche Hotel, topped Dhs22m, amid great demand for the purchase of housing units in the “Reportage Properties” projects, led by the “Montenapoleone” , which was launched recently in Mustakbal City, New Cairo, Egypt.

The project, which will be developed in cooperation with Al-Ahly Sabbour, the leading real estate developer in Egypt , includes 5,500 housing units.

Reportage Properties is developing 11 projects, providing about 5,000 housing units within the most important investment sites in Abu Dhabi and Dubai, in addition to a project that has been completed and delivered in Masdar City in Abu Dhabi.

Islam Ahmed Suleiman, CEO, Reportage Properties said that the robust sales during the first half of this year, reflect the high performance and the attractiveness of their projects, as well as the strength and stability of the UAE real estate sector and its ability to overcome challenges related to the repercussions of the “Covid-19” pandemic.

Reportage achieved sales of Dhs812 in 2020, a growth of 125 percent compared to 2019.

Suleiman pointed to the progress of construction works in all projects, despite the challenges of the pandemic. He confirmed commitment to completing the projects on schedule, which boosted their customers confidence, and contributed to the boosting demand.

He emphasized the importance of the recent launch of the “Montenapoleone” project, which is their first project outside the UAE. The move reflects the stability and strength of the company’s financial position, and its ability to develop more new projects inside and outside the UAE. Sulieman stressed the high demand from large segments of customers to for residential units in the project, especially in light of the remarkable positive developments in the Egyptian real estate sector currently .

He explained that the sales day organized by the company recently reflected great demand for the purchase of housing units in the “Montnapoleone” project, as well as the company’s projects in Abu Dhabi and Dubai, led by “Rukan” and “Alexis Tower” in Dubai, “The Gate” and “Al Maryah Vista” and “Diva” in Abu Dhabi, especially in light of the attractive offers buyers  can avail in all projects.

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