The largest number of transactions between October 23th to 29th were registered in Al Hebiah Fifth, with 56 transactions worth AED 278M (USD 75.7M). In second place was Madinat Hind 4 with 51 transactions worth AED 101.2M (USD 27.6M). Palm Jebel Ali came in third place with 38 transactions amounting to AED 894M (USD 243M).
The largest land deals were as follows:
- Al Yufrah 1 for AED 75M (USD 20.4M);
- Al Hebiah Fourth for AED 65M (USD 17.7M);
- Al Goze Second for AED 62M (USD 16.9M).
The total amount of mortgaged properties last week amounted to AED 16.2B (USD 4.4B), including a plot in Jebel Ali First worth AED 13.8B (USD 3.8B). The Dubai Land Department reported 104 real estate transfers between first degree relatives worth AED 565M (USD 154M).
Last week, the amount of real estate transactions in Dubai amounted to AED 8.2B (USD 2.2B). The increase in the number of transactions indicates the activity of the real estate market in Dubai and the interest of investors in the housing market. In the third quarter of 2023, the demand for real estate in the emirate is outpacing the supply capacity of developers. This is leading to an increase in the cost of residences and rental prices. Experts believe that the balance of supply and demand in the market will be reached as early as 2024, with the implementation of several large projects currently in the works.