Open lands and apartments alongside villas were sold like hot cakes in the UAE during the week between July 18 and 22, weekly data on real estate transactions in Abu Dhabi, Dubai and Sharjah showed.
In Dubai, two pieces of open lands in the Burj Khalifa were sold for $45.49 million each while the third piece of open land in Al Barsha First was sold for $19.22 million respectively. Real estate transactions in Dubai stood at $2.97 billion during the week. As many as 2,509 transactions were carried out during this period.
According to data from the Dubai Land Department, 263 plots were sold for $400 million, while 1,716 apartments and villas were sold for $1 billion.
Al Hebiah Fifth recorded the most transactions for this week with 130 sales transactions worth $89.34 million, followed by Jebel Ali First with 32 sales transactions worth $25.23 million, and Al Yufrah-2 with 24 sales transactions worth $7.72 million in third place.
The data further showed that the top three transactions for apartments were an apartment that sold for $172.06 million in Palm Jumeirah, another apartment that sold for $95.83 million in Burj Khalifa, and the third apartment for $85.49 million in Marsa Dubai.
Even the amount realised from the mortgaged properties was $1.39 billion this week and the highest mortgage of a land was in Al Satwa for $26.14 million. Some 119 properties valued around $196.02 million were granted between first-degree relatives, the data said.
The total volume of transactions in Dubai’s residential market in June increased by 33.3% and reached 7,941 compared with previous year.
Abu Dhabi Sustains Growth
In its latest report, the Department of Municipalities and Transport (DMT) said that Abu Dhabi’s real estate market sustained growth, after being driven by investor optimism, recording 7,474 property transactions amounting to over $6.13 billion in the first six months of the year.
The DMT’s real estate trading index showed 3,568 real estate purchase and sale transactions worth $2.42 billion and 3,906 mortgage transactions worth $3.71 billion.
The DMT report said that Yas Island topped the list with transactions worth $490 million followed by Al Saadiyat Island where the value of transactions stood at $330 million, Al Shamka came third with transactions worth $270 million, Al Reem Island fourth with $237.40 million, and the Khalifa City was placed fifth with transactions to the tune of $84.40 million.
The Sharjah Real Estate Registration Department (SRERD) said in a report that transactions worth $520 million were recorded and they pertained to a total of 747 real estate sales transactions in 106 areas in June 2022. The total area exceeded 6 million sft. Even 358 mortgage transactions were recorded and they were valued at worth $208 million, the report added.