Dhs2.53 billion worth of real estate transactions registered in Dubai on the first working Friday

Gulf Today, Staff Reporter

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.