Apartments and villas worth a combined $81 million have been traded.
According to data from the Dubai Land Department (DLD), investors in Dubai bought properties worth close to $3 billion in just one week. These properties included villas and flats worth millions of dirhams.
The DLD said on Friday that there were at least 2,509 plot and residential unit transactions valued at AED10.9 billion ($2.96 billion) during the week ending July 22.
The transactions involved 1,716 flats and villas for AED3.67 billion and 263 plots worth AED1.46 billion.
AED632 million Palm Jumeirah apartment, AED352 million Burj Khalifa apartment, and AED314 million Marsa Dubai apartment were just a few of the high-value homes that were sold throughout the week.
The total value of mortgaged real estate for the week was AED5.09 billion.
A land sale at Burj Khalifa for AED 167.09 million was the largest transaction of the week, and it was followed by a land sale at Al Barsha First for AED 70.6 million.
With 130 sales transactions totaling AED 328.15 million, Al Hebiah Fifth had the most transactions this week. Jabal Ali First came in second with 32 sales transactions totaling AED 92.67 million. Al Yufrah 2 completed 24 sales deals totaling AED 28 million to round out the top three.
According to JLL’s most recent Global Real Estate Transparency Index, published late last month, Dubai was identified as the MENA region’s property market with the highest level of transparency (GRETI).
The emirate moved up three spots in the ranking to land on position 31 overall. It is the only real estate market in MENA to be included in the tier known as “transparent.” New rules governing market lending practices, beneficial ownership monitoring, and sustainability reporting have contributed significantly to Dubai’s improvements in the transparency rankings.