Dubai logs over Dhs3.4 billion in realty transactions
Photo used for illustrative purpose.
The sales included 446 villas and apartments worth Dhs949.04 million, and 64 land plots worth Dhs411.67 million.
The mortgages included 188 villas and apartments worth Dhs1.71 billion and 22 land plots valued at Dhs236.22 million, bringing the total realty transactions of today to over Dhs3.4 billion.
Dubai real estate market recorded 715 sales transactions worth Dhs2.28 billion, in addition to 201 mortgage deals of Dhs993.9 million, and 30 gift deals amounting to Dhs76.3 million on Monday, data released by Dubai’s Land Department (DLD) showed.
The sales included 653 villas and apartments worth Dhs1.65 billion, and 62 land plots worth Dhs624.87 million
The mortgages included 178 villas and apartments worth Dhs696.76 million and 23 land plots valued at Dhs297.14 million, bringing the total realty transactions of Monday to over Dhs3.3 billion.
Meanwhile the 2023 real estate performance in Dubai was exceptional as sales exceeded about Dhs400 billion for the first time, in addition to making the largest land and apartment sales deals, a review by W Capital, the leading Dubai real estate brokerage, revealed.
“The real estate market in Dubai is on an upward trajectory since recovering from the Covid-19 pandemic in 2020, rising from Dhs69.8 billion in 2020, to Dhs149 billion in 2021, then to Dhs265.5 billion in 2022, and finally to Dhs401 billion last year,” said Real estate expert Walid Al Zarooni, W Capital CEO.
Al Zarooni added that these exceptional numbers from Dubai Land Department (DLD), show that real estate sales in Dubai multiplied by about 5 folds last year, compared to 2020. This is an indication of the strong and continuous momentum within the market and the status of Dubai real estate that it has reached globally as the best city to live and work.
He revealed that 2023 transactions increased by more than 32 per cent on an annual basis to about 129.000 sales transactions, which is the highest ever, compared to 97.450 sales transactions in 2022.
Walid Al Zarooni pointed out that the value of real estate transactions (sales-mortgages-gifts) increased in 2023 by about 5 per cent to Dhs554.7 billion, compared to Dhs528 billion in the previous year, exceeding the level of half a trillion dirhams for the second time in a row. The total 2023 real estate transactions also increased by more than 38 per cent on an annual basis to 169,720 real estate transactions, compared to 122,658 transactions in 2022.
He explained that the value of mortgages amounted to Dhs121 billion with 33,280 deals, while gifts values topped Dhs32.65 billion with 7,460 deals.
Best quarterly sales ever: During the fourth quarter of 2023, the Dubai real estate sector achieved the highest quarterly sales ever, with more than Dhs112.6 billion recorded, distributed over more than 31,250 transactions.
Thus, the value of real estate sales recorded in Dubai during the three months ending in December 2023, increased by 3.3% on a quarterly basis, compared to sales recorded in the third quarter of the same year by Dhs109 billion.
An exceptional month: According to DLD data, November was the best month of the year in terms of sales value, exceeding Dhs42 billion, the highest monthly value of real estate sales deals reaching 12,150, followed by October with Dhs39.2 billion, through 11,910 deals, then September with Dhs37.8 billion through 13,595 deals, then July, with sales amounting to Dhs37.6 billion through 11,120 deals.
The largest land sale deal in terms of value and area since the beginning of this year came in the ‘Maqtara’ area, for residential purposes, with a value of Dhs3.87 billion on an area of 203 million square feet, at Dhs19 per foot.
The second was the deal of a plot of land for commercial purposes, also in the ‘Yalabs 5’ area, at a price of Dhs2.427 billion, with an area of 83.86 million square feet, at a price of Dhs28.94 per foot.
The third was a plot of land for residential purposes, also in the ‘Al Sufouh 2’ area, at a value of Dhs1.834 billion, with an area of 2.75 million square feet, at a price of Dhs666.2 per foot.
Also, a deal to sell land for residential purposes in the ‘Al Sufouh 2’ area came in fourth place, with a value of Dhs630.79 million, with an area of 33.108 million square feet, at a price of Dhs19.05 per foot.
The fifth was a deal to sell land for commercial purposes in the Dubai Marina area, valued at Dhs622.9 million, with an area of 114.4 thousand square feet, at a price of Dhs5,444 per square foot.
The deal to sell land for commercial purposes in the ‘Zabeel II’ area came sixth, with a total price of Dhs 600 million, for an area of 138.46 thousand square feet, at a price of Dhs4,333 per square foot.
The “Business Bay” area deal to sell land for residential purposes was the seventh, at a value of Dhs456.25 million, with an area of 56,937 thousand square feet, at a price of Dhs8,013 per square foot.
In eighth place was a deal to sell land for residential purposes in the Al Wasl area, at a value of Dhs397 million, for an area of about 76.75 thousand square feet, at a price of Dhs5,173 per square foot.
The ninth deal was the sale of a plot of land for residential purposes in the Dubai Water Canal area, with a total value of Dhs368.73 million, with an area of 100,000 square feet, at Dhs3,682 per foot.
The last was the sale of a plot of land for residential purposes in Dubai Marina, valued at Dhs360, with an area of 37,677 thousand square feet, at Dhs9,544 per square foot.
Apartment deals: At the top of the list was the deal to sell a residential apartment in Marsa Al Arab at Dhs420 million, with an area of 27,143 thousand square feet, at a price of Dhs15,473 per foot.
Also in the Marsa Al Arab area, the second largest residential apartment sale deal valued at Dhs268 million, with an area of 19.26 thousand square feet, at a price of Dhs14,846 per foot.
In third place was the sale of an apartment in Dubai Marina, valued at Dhs154 million, with an area of 351,000 square feet, at a price of Dhs440 per square foot.
This is an indication of the strong and continuous momentum within the market and the status of Dubai real estate that it has reached globally as the best city to live and work
The transactions in 2023 increased by more than 32% on an annual basis.
