A general view of the downtown Dubai.
The value of real estate transactions in Dubai on the first working Friday following the adoption of the new weekly work system in the country exceeded Dhs2.53 billion, with 227 real estate transactions. The total value of real estate transactions recorded in the first week of the new year exceeded Dhs7.24 billion, with 1,766 transactions.
Data from Dubai Land Department (DLD) showed that the first working Friday witnessed 173 sales transactions worth Dhs2.38 billion, 12 of which were plots of land worth Dhs451.16 million and 161 were apartments and villas worth Dhs1.93 billion.
The top three areas that saw the highest value of land sales transactions on Friday were Marsa Dubai, which saw land sales worth Dhs369 million, followed by Al Thanya Fifth, where a plot of land was sold for Dhs28 million and Palm Jumeirah where a plot of land was sold for Dhs17 million.
Jebel Ali First recorded the highest number of transactions on Friday with three sales transactions worth Dhs6 million, followed by Palm Jumeirah with an Dhs17 million sales transaction, and Warsan First with an Dhs4 million sales transaction.
The three highest valued sales transactions featuring transfers of apartments and villas included an Dhs500 million sales transaction in Palm Jumeirah, followed by an AED495 million sales transaction in Marsa Dubai, and an Dhs402 million sales transaction in Marsa Dubai.
Jebel Ali First recorded the most villa and apartment sales transactions on Friday with 23 sales transactions worth Dhs18 million; followed by Business Bay with 21 sales transaction worth AED25 million; and Al Barsha South Fourth with 13 sales transaction worth Dhs16 million.
The total value of mortgage transactions concluded on Friday was Dhs125.03 million, which included nine mortgage transactions for land worth Dhs47.88 and 40 mortgage transactions for villas and apartments worth Dhs77.15. The biggest mortgage transaction was registered in Al Thanyah Fourth featuring a value of Dhs37 million followed by a mortgage transaction in Nad Al Sheba Third worth Dhs11 million.
Five properties worth a total of Dhs19.16 million were granted to first-degree relatives. Among these, the highest value of Dhs12 million was registered in Al Merkadh followed by Dhs3 million worth of property in Jebel Ali First.
The top three transactions were a land in Madinat Dubai Almelaheyah sold for Dhs212.6 million, followed by a land that was sold for Dhs53 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs212.6 million in Madinat Dubai Almelaheyah in third place.
The new projects include a Dhs130m Samana Park Views, a Dhs165m Samana Waves and a Dhs110m Samana Golf Avenue-II, located in Arjan, Jumeirah Village Circle and Dubai Studio City respectively.
The Dubai property market witnessed substantial growth in 2021 after a brief setback in 2020 due to the global pandemic. The V-shaped recovery is evident as the demand and prices of properties in various areas are on the rise.
The top three transactions were a land in Palm Jumeirah sold for Dhs 60 million, followed by a land that was sold for Dhs 38.79 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs 60 million in Palm Jumeirah in third place.
The introduction of corporate tax in the UAE signifies a significant step in the country’s economic transformation. Effective from June 1, 2023, businesses
As the world takes a relook at their consumption practices against the backdrop of the World Environment Day, the global tourism industry emerges as a key player
The case was criminally transferred last week, and there are reports that a confidential list of 36 people allegedly linked to the scandal could be tabled in the Australian Federal Parliament for investigation.