Dubai, Abu Dhabi property sales spike on strong demand

$3 bn worth of property transactions sealed in Dubai one week
Dubai, Abu Dhabi property sales spike on strong demand
Dubai, UAE

Close to $3 billion worth of property transactions, including multimillion-dirham villas and apartments, were sealed by investors in Dubai in one week, according to Dubai Land Department (DLD) data.

At least 2,509 transactions for plots and residential units valued at 10.9 billion dirhams ($2.96 billion) were registered during the week ending July 22, the DLD reported. 

The deals included 263 plots worth 1.46 billion dirhams and 1,716 apartments and villas worth 3.67 billion dirhams.

There were high-value properties sold during the week, including a Palm Jumeirah apartment worth 632 million dirhams, a flat in Burj Khalifa worth 352 million dirhams, and another apartment in Marsa Dubai that was sold for 314 million dirhams.

Mortgaged properties for the week reached a total of 5.09 billion dirhams.

Similarly in Abu Dhabi, investors continued to pour into real estate this year, with more than 22.5 billion dirhams ($6.1 billion) worth of property transactions sealed during the first six months of 2022.

Between January and June, the UAE capital recorded a total of 7,474 transactions for land, buildings, and other properties that were sold and mortgaged to buyers, according to the data released by the Department of Municipalities and Transport (DMT).

More than half of the deals, totaling 3,906, were mortgages valued at 13.61 billion dirhams, while 3,568 were “purchase and sale” transactions worth 8.9 billion dirhams.

The top locations for buyers during the period were Yas Island, which recorded deals worth 1.8 billion dirhams, followed by Al Saadiyat Island with 1.2 billion dirhams worth of transactions.

Property transactions worth 1 billion dirhams were secured in Al Shamkha, while Al Reem Island, Khalifa City, and Raha Beach recorded transactions worth 872 million dirhams, 310 million dirhams, and 300 million dirhams, respectively.

Earlier this year, Walid Al Zarooni, Chairman of the Board of Directors of the real estate firm W Capital Real Estate, forecasted that the summer season in 2022 would be exceptional for the real estate sector in Dubai and Abu Dhabi when compared to the same period in previous years.

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