Dubai’s week-long real estate transactions valued at Dhs10.4b

The real estate and properties transactions valued at Dhs10.4 billion in total during the week ending 17 February 2023. The sum of transactions was 2,702.

 221 plots were sold for Dhs1.42 billion, 1,866 apartments and villas were sold for Dhs4.63 billion.

 The top three transactions were a land in Business Bay sold for Dhs150 million, followed by a land that was sold for Dhs75 million in Business Bay, and a land sold for Dhs150 million in Business Bay in third place.

Al Hebiah Fifth recorded the most transactions for this week by 126 sales transactions worth Dhs439.75 million, followed by Al Hebiah Fourth with 20 sales transactions worth Dhs212.66 million, and Jabal Ali First with 10 sales transactions worth Dhs28 million in third place.

 The top three transfers for apartments and villas were an apartment was sold for Dhs160 million in Island 2, an apartment was second in the list sold for Dhs155 million in Marsa Dubai, and thirdly it was a sold for Dhs123 million in Al Barshaa South Third.

The sum of the amount of mortgaged properties for the week was Dhs3.55 billion, with the highest being a land in Al Warsan First, mortgaged for Dhs1 billion.

252 properties were granted between first-degree relatives worth Dhs811 million.

On last Thursday, Dubai real estate market recorded 475 sales transactions worth Dhs1.38 billion, in addition to 101 mortgage deals of Dhs491.51 million, and 56 gift deals amounting to Dhs141.96 million, data released by Dubai’s Land Department (DLD) showed.

The sales included 412 villas and apartments worth Dhs1.06 billion, and 63 land plots worth Dhs325.15 million. The mortgages included 86 villas and apartments worth Dhs436.34 million and 15 land plots valued at Dhs55.18 million, bringing the total realty transactions of today to over Dhs2 billion.

Separately, the net earnings of listed real estate companies doubled in 2022, aided by the robust growth in the real estate and tourism sectors.

A report by the Emirates News Agency (WAM) based on declared disclosures on financial market websites showed that the net earnings of listed real estate companies increased by 92 per cent, totalling Dhs11.514 billion in 2022, compared to Dhs6.10 billion in 2021.

The revenues of real estate companies rose by 2 percent or Dhs57.691 billion in 2022, compared to Dhs56.572 billion in 2021.

Emaar Properties led the way after recording solid revenues totalling Dhs24.9 billion in 2022, while its net earnings amounted to nearly Dhs6.8 billion, an 80 per cent increase compared to 2021, due to the company’s sustainable earnings, improved profit margins and ongoing cost management measures.

The group’s real estate sales totalled nearly Dhs35.1 billion after the launch of new projects, while its accumulated sales from real estate projects under development were Dhs53.2 billion.

Emaar Development, which is owned mostly by Emaar Properties, maintained its strong momentum last year and recorded real estate sales of Dhs30.7 billion, a rise of 12 percent. It also recorded revenues of Dhs11.5 billion and achieved earnings before interest, taxes, depreciation and amortisation (EBITDA) of Dhs4.2 billion.

In 2022, Aldar Properties achieved record earnings due to its robust operational performance and significant capital investments. The company’s net earnings increased year-on-year by 35 per cent to Dhs3.1 billion in 2022 while its revenues rose 31 per cent to Dhs11.2 billion, and total revenues increased by Dhs4.7 billion. Its EBITDA amounted to some Dhs3.7 billion, 32 per cent higher than last year.

The company also achieved a record year in terms of development and project sales while registering its highest-ever annual sales of Dhs14.4 billion, aided by strong demand from residents and investors, as well as the launch of new projects in Abu Dhabi and contributions from Egypt.