An areal view of the Emirates Hills area in Dubai.
Gulf Today, Staff Reporter
The Dubai Land Department registered a deal to sell a piece of land in the Emirates Hills area, which includes the Emirates Hills complex and a number of high-end residential neighborhoods.
On Tuesday, the real estate market in Dubai witnessed a major sale of a piece of land for commercial purposes in the Emirates Hills area.
According to data from the Dubai Land Department, the plot of land in Emirates Hills was sold for Dhs209 million for an area of 3874 square meters.
Real estate sales in the first hour of transactions amounted to about Dhs951 million, as a result of 322 transactions distributed to 215 apartments, 61 villas and 46 plots of land.
In the same context, JLL, a real estate and investment management company, announced the purchase of a distinctive piece of land in Palm Jumeirah for Dhs190 million, in one of the most valuable land sales deals in Dubai during 2023.
The company stated that the area of the aforementioned plot of land is 56,295,000 square feet, with a construction area of 120,000 square feet, in which an exceptional residential project will be constructed that includes shopping areas and food and beverage outlets.
It is expected that this distinguished deal will become an important milestone in the journey of the residential projects business unit in JLL, which since its founding in 2020 has witnessed steady upward growth with the success of a package of its distinguished projects in the UAE.
In addition to its proven track record, continued market activity has contributed to JLL's growth in the residential sector, with a large influx of investments from local and international investors wishing to reside in the UAE.
With Dubai's real estate market still booming, Palm Jumeirah remains one of the most attractive areas in the emirate. It accounts for 7.5% of total residential real estate sales in 2023, outperforming other regions in terms of sales value, according to data from the Dubai Land Department.
The UAE’s property sector performing well in the current challenging times of COVID-19 pandemic. The UAE government has announced various incentives and initiatives to mitigate the impact of coronavirus on national economy.
The United Arab Emirates stock markets closed higher on Tuesday, led by financials and property shares. Dubai’s main share index gained 0.5%, led by a 1.5% rise in blue-chip developer Emaar Properties and a 0.5% gain in Emirates NBD Bank.
Nakheel has now sold 205 villas at the Nad Al Sheba community, where a retail and recreation centre is due to open in Q1 2021, the company revealed in a statement.
Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, predicted that Dubai’s economy would grow by around 5 percent this year.
Dubai Chambers and the three Chambers operating under its umbrella - Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy
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