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Dubai’s real estate sector witnessed weekly transactions worth Dh9.4 billion.

by Swati Gupta

May 12, 2023 9

Dubai’s real estate market continues to showcase its resilience with a total of 3,112 property transactions valued at Dh9.4 billion, recorded in the week ending May 12, according to the latest figures released by the Dubai Land Department (DLD).

The report noted that 170 plots were sold for Dh1.89 billion, while 2,261 apartments and villas were sold for Dh5.34 billion. The remaining transactions were accounted for by 681 mortgages worth Dh1.14 billion.

Despite the challenging global economic environment, the Dubai property market has remained a safe haven for investors, offering attractive returns, lucrative opportunities, and a secure investment environment. The latest transactions figures reflect a positive trend in the real estate sector, indicating a sustained demand for property investments in Dubai.

The top three transactions during the week included a land in Al Sufouh 2 that was sold for Dh300 million, followed by a land in Saih Shuaib 4 sold for Dh148.25 million, and a land in Jumeirah Island 2, sold for Dh128 million. These transactions highlight the growing appeal of Dubai’s property market, particularly among high net worth individuals and institutional investors, who continue to view Dubai as a prime investment destination.

In addition to the above, other significant transactions during the week included a land in Al Barsha South 3 that was sold for Dh75 million, a land in Nad Al Hammar that was sold for Dh73.5 million, and a land in Business Bay that was sold for Dh71 million. These transactions are indicative of a diverse range of investors, with interests spanning across different areas and segments of Dubai’s real estate market.

Commenting on the latest figures, Sultan Butti bin Mejren, Director-General of DLD, said: “The continued growth in real estate transactions is an indication of the solid economic foundation of Dubai, supported by the wise leadership of the UAE, which has provided an attractive investment environment for individuals and companies from around the world. We are witnessing a sustained demand for property investments, particularly in the residential segment, driven by an influx of expatriates and the growing population of the UAE.”

He added: “The real estate sector continues to play a vital role in the UAE’s economy, contributing significantly to the country’s GDP and creating numerous job opportunities. We remain committed to facilitating transactions, streamlining processes, and adopting best practices, to enhance investor confidence and boost the growth of the real estate sector in the UAE.”

The DLD has been at the forefront of promoting Dubai’s real estate market, providing a range of services and initiatives to support the sector’s growth. These include the launch of various online platforms and tools that enable investors to access information, conduct transactions, and monitor market trends. The DLD has also been working closely with other government entities, such as the Dubai Municipality and the Dubai Electricity and Water Authority, to ensure a seamless and efficient real estate investment experience for investors.

Dubai’s property market has also witnessed a surge in interest from international investors, particularly from neighboring Gulf countries, who view Dubai as a safe haven for their investments. The UAE’s strategic location, stable political environment, and business-friendly policies have made it an attractive destination for foreign investors seeking to diversify their portfolios.

In conclusion, the latest figures released by the DLD indicate a sustained demand for property investments in Dubai, driven by a range of factors, including a growing population, an influx of expatriates, and favorable market conditions. The DLD’s continued efforts to promote Dubai’s real estate sector and enhance investor confidence are expected to further boost the growth of the sector in the coming years, making it an attractive destination for investors from around the world.