Dubai real estate: $2.5bn of property deals this week

More than 3,100 Dubai real estate transactions as $2.5bn change hands

The Dubai real estate sector saw 3,105 transactions, worth AED9.1bn ($2.5bn), this week.

In the week ending May 19, the Dubai Land Department said 191 plots were sold for AED1.14bn, and 2,284 apartments and villas were sold for AED6.03bn.

The top three transactions for land a plot in Island 2 sold for AED135m, followed by land sold for AED50m in Business Bay, and another land sold for AED50m in Hadaeq Sheikh Mohammed Bin Rashid.

Dubai real estate performance

Al Hebiah Fifth recorded the top transactions for this week, with 54 sales worth AED185.13m, followed by MADINAT HIND 4 with 34 sales worth AED50.26m, and Al Hebiah Third with 14 sales worth AED53m.

The top three transfers for apartments and villas included an apartment sold for AED122m in Island 2, another apartment sold for AED105m in Palm Jumeirah, and a villa sold for AED74m in World Islands.

The sum of mortgaged properties for the week was AED1.68bn, with the highest being a land in Business Bay, mortgaged for AED350m.

About 77 properties worth AED264m were transferred between first-degree relatives.

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