Dubai, UAE — Dubai recorded a total of 3,332 real estate transactions worth AED 12.9 billion ($3.51 billion) during the week ending 10 March 2023, according to figures released by the Dubai Land Department (DLD).
The DLD report revealed that 274 plots were sold for AED 3.17 billion, while 2,370 apartment and villa sales totaled AED 4.93 billion.
The top three transactions were a land in Al Khairan First sold for AED 1.57 billion, followed by an AED 72 million land in Wadi Al Safa 3, and another worth AED 1.57 billion in Al Khairan First.
Al Hebiah Fifth recorded the most transactions for this week with 117 sales transactions worth AED 320.97 million, followed by Jabal Ali First with 40 sales transactions worth AED 115.16 million, and Madinat Al Mataar with 22 sales transactions worth AED 83 million.
The top three apartment and villa transfers were a villa sold for AED 65 million in Palm Jumeirah, an apartment worth AED 65 million in Island 2, and an apartment sold for AED 49 million in Burj Khalifa.
The value of mortgaged properties for the week stood at AED 4.12 billion, while 267 properties were granted between first-degree relatives worth AED 759 million.
The emirate witnessed more than 86,000 residential real estate sales in 2022, surpassing the record of 80,000 registered in 2009, with a total value of US$143 billion, according to the Dubai Government Media Office, describing the matter as an “extraordinary” achievement.
It said that the real estate sector in the emirate has posted exceptional results, achieving a growth rate of 44.7 percent in terms of volume, and 76.5 percent in terms of weight compared to 2021.” The real estate sector makes up about a third of Dubai’s economy.
Also read: Super-rich Russians lift UAE property market to record height