Dhs10bn in 1 week: See Dubai’s latest real estate data

Billions of dirhams in transactions have occurred in Dubai’s real estate in just the first few days of 2024, according to data from the Dubai Land Department (DLD).

The authority has revealed that a total of 2,910 real estate and properties transactions valued at Dhs10.1bn were conducted for the week ending 12th January.

READ MORE: Dubai, Abu Dhabi real estate deals surged over 56% in 2023

“The DLD weekly report said that 209 plots were sold for Dhs2.19bn, while 2,100 apartments and villas were sold for Dhs4.84bn,” news agency WAM reported.

Other highlights, according to the WAM report, include the following:

• The top three transactions were a land in Al Hebiah Sixth sold for Dhs138.65m, followed by a land that was sold for Dhs105m in Business Bay, and a land sold for Dhs47.36m in Palm Jabal Ali in third place.
• Al Hebiah Fifth recorded the most transactions for this week by 44 sales transactions worth Dhs163.91m, followed by Hadaeq Sheikh Mohammed Bin Rashid with 33 sales transactions worth Dhs398.83m, and Madinat Hind 4 with 30 sales transactions worth Dhs42.29m in third place.
• The top three apartment and villa transfers included one worth Dhs66 million in Al Wasl, another worth Dhs46 million in Al Thanayah Fourth, and an apartment worth Dhs40.02m in Al Hebiah Fourth.
• The total value of mortgaged properties for the week reached Dhs2.28bn. Meanwhile, 82 properties were granted between first-degree relatives worth Dhs799m.

Dubai’s rising real estate market

Several indicators, from various market analysts in recent months, have indicated strong, continued growth for the real estate market in the UAE and Dubai.

One of the more recent Summer quarterly review reports on Dubai’s residential real estate market from Knight Frank indicated that “residential values across Dubai rose by 4.8 per cent during Q2 2023, marking the 10th consecutive quarter of price rises.”

“The latest increase leaves values 24 per cent higher than Q1 2020 however, average prices remain 11 per cent below the 2014 peak. On an annualised basis, prices are up by 17 per cent,” the report read.

Meanwhile, Kamco Invest said late last year that real estate deals in Dubai surged by 57 per cent during the first ten months of the year.

Kamco Invest also said that Dubai accounted for 52.1 per cent of the total value of real estate deals executed across all GCC countries last year.

The overall growth of the real estate market in GCC countries reached $171.6bn in deals from January to October 2023. This marked a 21.1 per cent annually as compared to $141.7bn in the same period of 2022, said Kamco Invest.