The first week of May 2023 saw 3,050 real estate transactions that were executed effectively, with an estimated value of Dh10.4 billion, according to data issued by the Dubai Land Department (DLD). 189 properties have been sold to Dh1.19 billion, and 2,239 flats and villas were bought for Dh5.11 billion, according to the study.
There were a few large deals on the market for real estate in the first week. The largest deal involved the sale of a piece of land in Al Thanayah Fourth for a staggering Dh52 million. Then, a different Saih Shuaib 2 property sold at Dh40.62 million, and land in Palm Deira hauled in Dh35.36 million to secure third place.
Al Hebiah Fifth was the most populated area in terms of sales activity, with up to 63 transactions. Totaling Dh 188.2 million. With 22 business transactions totaling Dh29.01 million, Madinat Hind 4 came in second. The third-place finisher, Jabal Ali First, also experienced some activity, with 16 transactions in sales totaling Dh58 million.
Three transactions for villas and apartments were in the most lucrative transactions on the real estate market. A house in Al Merkadh was purchased for Dh90 million, while a unit in Jumeirah 2 was auctioned off for Dh78 million. In the Burj Khalifa, another flat bought for Dh67 million.
The market saw an aggregate of Dh3.69 billion in mortgaged properties during the last week of April, with a parcel of land near Al Barshaa South Third receiving the highest mortgage of Dh653 million. In addition, 110 properties worth a combined Dh 497 million were given to family members.
With astounding Dh10.4 billion worth of transactions during the first week of May 2023, the property market in Dubai had a remarkable upswing. This news, which was reported on May 5th, 2023, demonstrates the property market in Dubai’s continuous expansion and appeal to both speculators and potential homebuyers.