The grandeur of Dubai’s real estate market reached unprecedented heights in the week ending December 22, culminating in a staggering total of AED16.6 billion ($4.5 billion) in property transactions, as revealed by the Dubai Land Department. This exceptional surge in activity signifies a remarkable crescendo for the sector, capping off the year on an exceptionally high note.

A total of 3,785 transactions took place during this bustling week, underlining the robustness and vitality of Dubai’s real estate landscape. Among these transactions, 216 plots were sold, amounting to an impressive AED4.91 billion ($1.3 billion). Additionally, 2,729 apartments and villas changed hands, contributing significantly with a value of AED7.49 billion ($2 billion).

The land market witnessed extraordinary dealings, with notable top-tier transactions commanding attention. Leading the pack was a striking property in Al Yelayiss 5, commanding an astonishing AED2.43 billion ($662 million). Not far behind, lands in Al Hebiah Fourth and Al Goze Second secured transactions valued at AED64.09 million ($17.5 million) and AED57.67 million ($15.7 million), respectively, securing prominent positions among the top three land transactions of the week.

Palm Jebel Ali emerged as the epicenter of activity with 35 sales transactions, amassing an impressive AED850.21 million ($231.6 million). Following closely, Madinat Hind 4 and Al Hebiah Fifth showcased significant traction with 29 sales transactions worth AED52.87 million ($14.4 million) and 18 sales transactions totaling AED58.5 million ($15.9 million), respectively.

However, the pinnacle of this spectacular week was witnessed in the apartment and villa segment, featuring colossal deals that captured the imagination. A property sale of AED720 million ($197 million) in Palm Jumeirah not only astounded but underscored the immense allure and prestige associated with this iconic location. Notably, a home in Dubai Investment Park First fetched AED92 million ($25 million), while an apartment in Island 2 was sold for AED62.1 million ($16.9 million), further accentuating the diversity and dynamism within Dubai's real estate market.

The financial landscape saw a parallel surge in mortgage activity, totaling AED2.29 billion ($624 million). Of significance was the mortgaging of a land parcel in Al Safouh Second, securing a substantial AED509.2 million ($138.6 million), indicating sustained confidence and investment in strategic locales.

Additionally, the week witnessed the granting of 257 properties among first-degree relatives, reflecting familial wealth transitions, and aggregating to a value of AED2 billion ($545 million). This familial aspect further underscores the multifaceted nature and significance of real estate as a generational asset.

The remarkable surge in transactions across various segments underscores Dubai’s enduring appeal as a global real estate destination. As the year draws to a close, this resounding display of economic vibrancy positions Dubai's real estate sector as a beacon of resilience and allure, setting a promising tone for the future.

In conclusion, the recent surge in Dubai's real estate market, culminating in a record-breaking week of transactions totaling $4.5 billion, epitomizes the city's unwavering prominence as a global real estate hub. The extraordinary volume and value of property dealings, spanning plots, apartments, villas, and mortgages, underscore Dubai's enduring allure, investment potential, and diversified market offerings.

The staggering transactions, highlighted by the monumental $197 million property sale in Palm Jumeirah, not only reflect robust investor confidence but also accentuate the city's iconic status in the real estate realm. The multifaceted nature of these transactions, ranging from grand residential properties to strategic land deals, further underscores Dubai's dynamic and versatile market, catering to diverse investor preferences.

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Source: https://www.arabianbusiness.com/industries/real-estate/massive-week-for-dubai-real-estate-sees-4-5bn-of-transactions-including-enormous-197m-palm-jumeirah-property