Dubai Property Transactions Of AED 6.28B For December’s 3rd Week

Dubai Real Estate News

As of the week ending December 23, 2022, the total value of real estate and property deals reached AED 6.28 billion, with total transactions of 2,389.

There were 231 plots sold for a total of AED 877.59 million, while 2,158 units and villas were purchased for a total of AED 5.44 billion. 

 There was a 100 million UAE dirham sale of land in Business Bay, a 96.5 million UAE dirham sale of land in Al Safouh First, and another 100 million UAE dirham sale of land in Business Bay, finalizing the top three deals that happened in the third week of December. 

There were 66 sales worth AED 177.34 million in Al Hebiah Fifth this week, followed by 21 sales in Al Yufrah 2 worth AED 28.72 million, and 12 sales in Jabal Ali First for AED 38 million, respectively. 

 Palm Deira Property Deals were the Most Noteworthy Sales this Week

Palm Deira Properties for sale

According to Dubai Land, there were a total of 199 real estate properties sold for $1.33 billion, 2,011 apartments and villas sold for $4.61 billion, and other property transactions worth $9.2 billion. 

Property in Palm Deira went for Dh47.38 million, another in Me’Aisem First was sold for Dh40 million, and a third in Palm Deira also went for Dh47.38 million.

In terms of transaction value, Al Hebiah Fifth was the most active area this week, with 92 sales worth Dh244.61 million. This was followed by Jabal Ali First, with 21 sales worth Dh147.11 million, and Al Hebiah Fourth, with 15 sales of Dh290 million.

Apartments in Palm Jumeirah went for Dh61 million and Dh59 million, respectively, making them the most expensive apartments sold in the category of apartment complexes and villas. The most expensive unit purchase was in Al Thanyah Fifth, at a whooping amount of Dh80 million

Villas in Palm Jumeirah Remains Unchallenged, with Prices Going Up By 3%

Growth of more than 3.5% was also observed in Jumeirah villas. Buyers were also interested in villas in District One, MBR City, Dubai Hills, and The Meadows. Nevertheless, the data showed that the overall value of the real estate and property sales was Dh9.2 billion, with 199 plots selling for Dh1.33 billion and 2,011 apartments and villas selling for Dh4.61 billion.

One residence in Jumeirah Second went for Dhs38 million, another in Palm Jumeirah for Dhs37 million, and a third in Al Barsha First went for Dhs35 million, all ranking in the top three transfers for apartments and villas.

For the week as a whole, after the Dubai real estate touched AED30 billion last month, mortgaged properties totaled Dhs1.37 billion. Meanwhile, 38 properties at Dhs113 million were transferred among first-degree relatives.  

As 2023 Approaches, Dubai will Maintain its Current Successful Trajectory

According to the most recent figures from Zoom Property Insights, the average price of a square foot of real estate in Dubai is now Dhs1,070. Further, it showed that apartment prices have risen by more than 8.5% this year, and that villa prices have risen by more than 13%.

The luxury market has grown to become the most important part of the real estate industry. The continued investment of HNWIs and overseas investors has given this industry a great boost. Zoom Property Insights reports that the premium property market expanded by an impressive 88.9 percent between the third quarters of 2021 and 2022. With the next greatest growth rates of 30.8% and 17.0%, respectively, Miami and Tokyo follow closely after.

As November saw the record-breaking week for Dubai real estate with AED 11.3 billion deals, the market for high-end homes had a great year in 2022, and experts predict that 2023 will be just as successful and profitable for the world of real estate in the UAE. New developments boasting ultra-prime residences are constantly being released, and this trend will continue to entice HNWIs and international investors.

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