AED2.53 billion worth of transactions registered in Dubai on the first working Friday of 2022

The value of real estate transactions in Dubai on the first working Friday following the adoption of the new weekly work system in the country exceeded AED2.53 billion, with 227 real estate transactions. The total value of real estate transactions recorded in the first week of the new year exceeded AED7.24 billion, with 1,766 transactions.

Data from Dubai Land Department (DLD) showed that the first working Friday witnessed 173 sales transactions worth AED2.38 billion, 12 of which were plots of land worth AED451.16 million and 161 were apartments and villas worth AED1.93 billion.

The top three areas that saw the highest value of land sales transactions on Friday were Marsa Dubai, which saw land sales worth AED369 million, followed by Al Thanya Fifth, where a plot of land was sold for AED28 million and Palm Jumeirah where a plot of land was sold for AED17 million.

Jebel Ali First recorded the highest number of transactions on Friday with three sales transactions worth AED6 million, followed by Palm Jumeirah with an AED17 million sales transaction, and Warsan First with an AED4 million sales transaction.

The three highest valued sales transactions featuring transfers of apartments and villas included an AED500 million sales transaction in Palm Jumeirah, followed by an AED495 million sales transaction in Marsa Dubai, and an AED402 million sales transaction in Marsa Dubai.

Jebel Ali First recorded the most villa and apartment sales transactions on Friday with 23 sales transactions worth AED18 million; followed by Business Bay with 21 sales transaction worth AED25 million; and Al Barsha South Fourth with 13 sales transaction worth AED16 million.

The total value of mortgage transactions concluded on Friday was AED125.03 million, which included nine mortgage transactions for land worth AED47.88 and 40 mortgage transactions for villas and apartments worth AED 77.15. The biggest mortgage transaction was registered in Al Thanyah Fourth featuring a value of AED37 million followed by a mortgage transaction in Nad Al Sheba Third worth AED11 million.

Five properties worth a total of AED19.16 million were granted to first-degree relatives. Among these, the highest value of AED12 million was registered in Al Merkadh followed by AED3 million worth of property in Jebel Ali First.

WAM