Dubai real estate sector sees huge deals for Palm Jumeirah apartment and land this week

The Dubai real estate sector saw transactions valued at AED12.9bn ($3.5) this week, according to Dubai Land Department data.

In total there were 3,888 transactions in the week ending Friday, December 15.

304 plots were sold for AED3.53bn ($961m) and 2,744 apartments and villas were sold for AED7.15bn ($1.9bn).

Dubai real estate
The top three transactions for land were a plot in Palm Jumeirah sold for AED940m ($256m), followed by land sold for AED169.48m ($46.1m) in Saih Shuaib 4, and a plot sold for AED102m ($27.8m) in Madinat Dubai Almelaheyah.

Wadi Al Safa 2 recorded the most transactions for this week, with 123 sales transactions worth AED141.81m ($38.6m), followed by Al Hebiah Fourth with 31 sales transactions worth AED815.56m ($220.1m), and Madinat Hind 4 with 22 sales transactions worth AED26.27m ($7.2m).

The top three transfers for apartments and villas were an apartment sold for AED500m ($136.2m) in Palm Jumeirah, a property sold for AED305m ($83.6m) in Trade Centre Second, and a home sold for AED66m ($18m) in Al Thanayah Fourth.

The sum of the amount of mortgaged properties for the week was AED1.77bn ($482m), with the highest being for land in Trade Centre Second, mortgaged for AED364m ($99m).

236 properties were granted between first-degree relatives worth AED491m ($134m).