Dubai’s weeklong real estate transactions total Dhs7.4 billion

Dubai’s real estate and properties transactions were valued at Dhs7.4 billion in total during the week ending 2nd September 2022, with sum transactions of 2,593, according to statistics from the Dubai Land Department.

The statistics showed that 320 plots were sold for Dhs1.75 billion, and 1,720 apartments and villas were sold for Dhs3.55 billion.

The top three transactions were land in Saih Shuaib 3 sold for Dhs168 million, land sold for Dhs115 million in Island 2, and land sold for Dhs78 million Saih Shuaib 4.

Al Hebiah Fifth recorded the highest number of transactions this week with 107 sales transactions worth Dhs329.68 million, followed by Jabal Ali First with 60 sales transactions worth Dhs193.85 million, and Nad Al Shiba First with 41 sales transactions worth Dhs205 million in third place.

The top three transfers for apartments and villas were an apartment sold for Dhs776 million in Marsa Dubai, a second apartment sold for Dhs367 million in Business Bay, and the third an apartment sold for Dhs303 million in Burj Khalifa.

The value of mortgaged properties for the week totalled Dhs1.24 billion, with the highest being an apartment in Business Bay, mortgaged for Dhs198 million.

Also, 111 properties were granted between first-degree relatives worth Dhs944 million.

Dubai real estate market recorded 414 sales transactions worth Dhs1.19 billion, in addition to 101 mortgage deals of AED216.02 million, and 19 gift deals amounting to Dhs477.33 million on Thursday, data released by Dubai’s Land Department (DLD) showed.

The sales included 368 villas and apartments worth Dhs736.06 million, and 46 land plots worth Dhs453.75 million, while mortgages included 85 villas and apartments worth Dhs185.55 million and 16 land plots valued at Dhs30.47 million, bringing the total realty transactions of today to over Dhs1.8 billion.

Dubai’s real estate market records a total of 7,092 sales transactions registered in July 2022. The data marks the highest performance in the last decade and demonstrates a significant increase in the overall performance of the sales transaction volume by 63.56 per cent and 88.41 in terms of value year on year, according to Mo’asher, Dubai’s official Sales Price and Rental Performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder. The base year for Mo’asher is 2012, and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.

In July 2022, Mo’asher recorded a 1.338 monthly index for sales and an index price of Dhs 1,303,493. The apartments monthly Index recorded 1.414 and an index price of Dhs 1,218,379. Additionally, the villas/Townhouses monthly Index recorded 1.349 and an index price of Dhs 2,162,530.

Furthermore, Mo’asher recorded a 0.978 monthly index for rental and an index price of Dhs 52,248. The apartments monthly Index recorded 0.981 and an index price of Dhs 48,688 whereas the villas/townhouses’ monthly Index recorded 0.880 and an index price of Dhs 135,456.

Mo’asher data for July showcase a positive sentiment on the real estate sector with a steady growth in the total sales transactions. July 2022 sales transactions overtook July transaction’s peak in 2013 which recorded 5,024, this presents a 41.16 percent increase over the market peak on a monthly basis for July.

Dubai’s real estate market recorded a total of 8,897 sales transactions worth Dhs22.75 billion, the highest volume of sales transactions for the month of June in the past nine years, according to Mo’asher.

The month of June witnessed a 34 per cent increase in terms of volume and a 24.8 per cent increase in terms of value compared to May 2022. 60.05 percent of all sales transactions recorded were for secondary properties and 39.95 per cent were for off-plan properties.

The off-plan market transacted 3,554 properties worth a total of Dhs7.057 billion and the secondary market transacted 5,343 properties worth Dhs15.692 billion. In comparison to the same period last month, the number of off-plan transactions in June increased by 28.96 percent, and the secondary/ready property transactions increased by 37.53 per cent.

Q2 marked the highest quarterly volume of sales transactions for the last decade with a total of 22,504 transactions worth Dhs59.154 billion. Comparing the quarter-on- quarter data, Q2 obtained 9.61 percent more in terms of volume and 6.77 percent more in terms of value. Q2 demonstrated a significant performance and showed an increase of 45.86 percent for volume and an increase of 61.56 percent for value when compared to Q2 in 2021.

In Q2 2022, 59.68 per cent of sales transactions recorded for secondary/ready properties and 40.32 per cent were for off-plan properties. In terms of the volume of transactions, the off-plan market transacted 6,025 properties worth Dhs18.565 billion and the secondary market transacted 13,430 properties worth Dhs40.589 billion.

WAM