Dubai’s week-long real estate transactions hit Dhs10b mark

According to the Dubai Land Department (DLD) weekly report, there were 3,267 real estate and property transactions conducted in Dubai during the week ending February 24, 2023, with a total value of Dhs10 billion.

Of these transactions, 168 plots were sold for Dhs1.26 billion, while 2,230 apartments and villas were sold for Dhs5.14 billion.

The top three transactions involved the sale of land in Um Suqaim Second for Dhs116 million, a land sold for Dhs79 million in Satwa area, followed by a land sold for Dhs70 million in Al Thanayah.

Al Hibiya Fifth recorded the most transactions during the week, with 68 sales transactions worth Dhs198.49 million, followed by Al Hibiya Fourth with 26 sales transactions worth Dhs264.5 million, and Jabal Ali First with 18 sales transactions worth Dhs66 million.

For apartments and villas, the top three transfers involved a property sold for Dhs125 million in Al Nahda First, another property sold for Dhs42 million in Al Thanayah Fourth, and an apartment sold for Dhs36 million in Palm Jumeirah.

During the week, the sum of mortgaged properties was Dhs3.01 billion, with the highest being an apartment in Palm Jumeirah mortgaged for Dhs1 billion. Additionally, 434 properties were granted between first-degree relatives, with a total value of Dhs670 million.

Dubai real estate market recorded 508 sales transactions worth Dhs1.33 billion, in addition to 101 mortgage deals of Dhs1.66 billion, and 135 gift deals amounting to Dhs247.57 million on Thursday, data released by Dubai’s Land Department (DLD) showed.

The sales included 463 villas and apartments worth Dhs993.46 million, and 45 land plots worth Dhs340.07 million. The mortgages included 80 villas and apartments worth Dhs1.6 billion and 21 land plots valued at Dhs64.42 million, bringing the total realty transactions on Thursday to over Dhs3.2 billion.

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.

A recent report released Deloitte showed that the real estate markets in the Dubai and Saudi Arabia are growing rapidly. The report provides a positive outlook for 2023 and delves into different real estate segments including hospitality, residential, retail, commercial office space and industrial.

Deloitte released its ninth annual Middle East Real Estate Predictions 2023 report focused on the performance of Dubai and Saudi Arabia’s real estate markets over the past year.

Among the key findings, the report reveals the recovery post-COVID-19 of tourism in both Dubai and the Kingdom of Saudi Arabia (KSA), with the key indicators within the hospitality sector being the increase over the past year in occupancy and average daily rates (ADR).

The report also highlights the growth in residential sales across both geographies.

The significant growth of KSA’s gross domestic product (GDP) is making it among the most attractive global destinations for investors.

“As global economies fully re-open post pandemic, we predict continued growth in the Saudi Arabian real estate market throughout 2023. Growth is set to be driven by robust spending across a wide range of government initiatives as well as a strong private sector that is responding to pent up levels of demand for good quality real estate projects. While 2022 saw record levels of demand for commercial office space as a result of ‘Programme HQ’, 2023 looks set to be dominated by the delivery of high quality residential-led mixed use schemes and a continued focus on tourism, leisure and entertainment projects,” said Stefan Burch, Partner and Head of Real Estate at Deloitte Middle East.

Oliver Morgan, Partner and Head of Development in Deloitte’s Real Estate team in the Middle East said, “2022 has been a prosperous year for residential investors in Dubai. In Saudi Arabia, there continues to be excess demand across all residential sectors with more volume housebuilders competing for market share and to differentiate their product.”