Weeklong realty transactions in Dubai record over Dhs11.4 billion

The total value of real estate transactions conducted in Dubai during the week ending Nov.17th, 2023, exceeded Dhs11.4 billion, according to figures released by the Dubai Land Department (DLD).

The DLD report showed that 2,421 sales transactions worth Dhs9.32 billion were conducted, with 492 plots sold for Dhs4.78 billion, and 1,929 apartments and villas purchased for Dhs4.54 billion.

The top three transactions were a land in Mohammed Bin Rashid Gardens sold for Dhs201.82 million, and two lands sold in Wadi Al Safa 3 for Dhs142 million and Dhs132.95 million respectively.

Me’aisem Second recorded the most sales transactions for this week with 101 transactions worth Dhs1.04 billion, followed by Wadi Al Safa 2 with 80 transactions worth Dhs82.24 million, and Palm Jabal Ali with 79 transactions worth Dhs1.99 billion.

The top three apartment and villa transfers included one in Island 2 for Dhs143.5 million, another in Business Bay worth Dhs50.7 million, and an apartment in Me’aisem First worth Dhs38 million.

The total value of mortgaged properties for the week reached Dhs1.41 billion. Meanwhile, 143 properties were granted between first-degree relatives worth Dhs706.72 million.

Meanwhile Dubai Land Department (DLD) hosted a strategy workshop, ‘Global Model for Communities of the Future,’ on Nov.14th and 15 at Jumeirah Mina A’Salam Hotel.

The workshop fostered the exchange of expertise, experiences, ideas, and strategic visions to shape the future of Dubai’s real estate sector. It was graced by the presence of Mattar Al Tayer, Commissioner-General for Infrastructure, Urban Planning and Well-Being Pillar; Ahmed Darwish Al Muhairi, General Manager of the Department of Islamic Affairs and Charitable Activities in Dubai; and Sultan Butti Bin Mejren, Director-General of the Dubai Land Department; along with more than 150 participants and speakers, including government officials, global and local experts, thought leaders, and real estate specialists.

The event encompassed in-depth discussions extended across multiple domains, including ‘Attracting Global Institutional Investors,’ ‘real estate Technology Leaps,’ ‘Successful Communities of the Future,’ and ‘Innovative Finance Solutions,’ in line with the Dubai Economic Agenda D33 and its ambitious targets as well as the Dubai Urban Plan 2040, considered a continuation of ambition aimed to establish excellence as a steadfast objective for the present and future of the emirate.

During his opening speech, Sultan Butti bin Mejren, said, “Today, we are collaborating with our strategic partners to ensure Dubai’s real estate market’s competitive advantage and its enduring growth. Let us stand ready to embrace the future of real estate and build prosperous cities for future generations that embody the visions of today’s innovators.”

“The Dubai real estate market achieved remarkable and unprecedented results in property transactions. In Q3, 2023 alone, the value of these transactions soared to AED 430 billion, showcasing an impressive 37 percent growth compared to the same period last year, while the number of new investors witnessed a significant upswing of 15 percent. This underscores our steadfast dedication to translating and embracing Dubai’s vision and goals and underscores the unshakable confidence investors have in the sector, the resilience of our economy, and its ability to tackle challenges head-on, all of which collectively contribute to the ongoing elevation of Dubai’s competitive standing,” Bin Mejren added.

The workshop’s themes were comprehensively designed to shed light on various subjects, including the integration of traditional and contemporary design for urban modernity, the promotion of sustainability and inclusivity in modern cities, the unveiling of cutting-edge technological developments and strategies reflecting Dubai’s renaissance, and the exploration of innovative concepts to foster creativity in Dubai Land Department ecosystem, taking advantage of Dubai’s unique architecture, and promoting sustainable urban planning by integrating green infrastructure, enhancing environmental supervision and ways to adapt to climate change, and adopting a forward-looking perspective, among others.

Majida Ali Rashid, CEO of the real estate Development Sector at DLD, commented, “This workshop is a seamless extension of the DLD’s ongoing endeavours, specifically those led by the real estate development sector. It aligns with the sector’s core responsibilities, such as overseeing the real estate policy framework and advancing procedures and systems for innovation within the sector through collaborative efforts with all partners and stakeholders. The workshop hosted numerous significant sessions in this context, with participants putting forth many ideas and recommendations.