Dubai’s week-long real estate transactions reach Dhs15 billion - GulfToday

Dubai’s week-long real estate transactions reach Dhs15 billion

Dubai Land Department

Picture used for illustrative purpose only.

The real estate and properties transactions valued at Dhs15 billion in total during the week ending 25 November 2022. The sum of transactions was 2,867.

 313 plots were sold for Dhs1.57 billion, 1,936 apartments and villas were sold for Dhs4.48 billion.

 The top three transactions were a land in Hadaeq Sheikh Mohammed Bin Rashid sold for Dhs45 million, followed by a land that was sold for Dhs24.15 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs45 million in Hadaeq Sheikh Mohammed Bin Rashid in third place.

Al Hebiah Fifth recorded the most transactions for this week by 110 sales transactions worth Dhs351.33 million, followed by Jabal Ali First with 73 sales transactions worth Dhs236.59 million, and Al Yufrah 2 with 23 sales transactions worth Dhs29 million in third place.

The top three transfers for apartments and villas were an apartment was sold for Dhs52 million in Jumeirah Second, a was second in the list sold for Dhs40 million in Palm Jumeirah, and thirdly it was an apartment sold for Dhs33 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was Dhs8.43 billion, with the highest being a land in Al Warsan First, mortgaged for Dhs3 billion.

145 properties were granted between first-degree relatives worth Dhs523 million.

 Dubai’s Land Department (DLD) showed that last Tuesday Dubai real estate market recorded 468 sales transactions worth Dhs1.55 billion, in addition 92 mortgage deals of AED325.87 million, and 22 gift deals amounting to Dhs58.33 million.

The sales included 420 villas and apartments worth Dhs1.14 billion, and 48 land plots worth Dhs409.18 million, while mortgages included 66 villas and apartments worth Dhs109.06 million and 26 land plots valued at Dhs216.8 million, bringing the total realty transactions of today to over Dhs1.9 billion.

A total of 3,474 real estate transactions worth Dhs9.62 billion were conducted during the week ending 4th November, 2022, according to DLD.

A total of 348 plots were sold for Dhs2.38 billion, and 3,126 apartments and villas were purchased for Dhs7.23 billion.

The top three transactions were two lands sold for Dhs350 million in World Islands and AED95 million in Island 2, followed by another land sold for Dhs4 million in Al Safa 2.

RERA launches guide: The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), has launched the ‘Real Estate Brokerage Practice Guide’ in conjunction with its participation in Cityscape Dubai 2022 that was held in strategic partnership with DLD at the Dubai World Trade Centre from 21 - 23 November.

Through this guide, RERA aims to enhance the level of awareness and knowledge of all real estate brokers and raise their professional competence, which is a strategic goal for the RERA on its journey towards providing high quality services with complete professionalism, which in turn contributes to the happiness of customers and real estate investors alike.

The Real Estate Brokerage Practice Guide includes all the information, laws and procedures related to the brokerage profession and the ways to practice it in Dubai, to ensure that all are familiar with these regulatory procedures; thus, ensuring that they carry out real estate transactions in a healthy and transparent manner, and fully commit to all laws to avoid any practices outside this framework, which may entail taking legal measures against violating companies.

Ali Abdullah Al Ali, Director of the Real Estate Licensing Department at RERA, said: “Today, through this guide, we offer an integrated service for real estate brokers that helps them fully and comprehensively understand the concept of practicing in Dubai in accordance with the best standards, thus contributing to our journey towards enhancing the happiness and confidence of investors and customers alike in Dubai’s real estate environment. We are always keen to ensure that our services are professional and of high quality, for a pioneering and sustainable real estate ecosystem, whose effects are reflected by all sector stakeholders, including investors, customers and brokers.”

The laws, procedures and regulations that the guide highlights include the Trakheesi system, the Dubai REST application, smart marketing and sales contracts, as well as the criteria for classifying brokerage offices and brokers, the green list, the mechanism for marketing off-plan projects, amicable settlements and obtaining a broker card. It also looks at the real estate brokerage register in Dubai, a number of real estate circulars, the ethics of practicing the profession, and others.

RERA stresses the need for brokers to abide by all the directives covered in the guide, in order to maintain the highest possible level of professional competence and transparency in the implementation of related tasks.

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