Dubai Property Market Shines: AED 87 Billion in 37 Days
26 Jul 2024 | Dubai Property Investment
Dubai Real Estate Shines This Summer: 27,000 Transactions Worth AED 87 Billion in 37 Days
Since the start of summer on June 1st and up until the preparation of this report, Dubai's real estate sales have exceeded AED 87 billion over 37 working days, resulting from 27,100 transactions. This translates to an average daily sales figure of approximately AED 2.35 billion (732.4 transactions per working day).
During this period, the real estate market recorded the sale of 21,137 residential units. Off-plan units accounted for the majority with 13,880 units sold, while ready units reached 7,257. Buildings achieved 2,194 transactions, including 1,438 off-plan and 756 ready units. Land transactions totaled 3,781.
Business Bay Leads the Transactions Triangle
Business Bay topped the list of transactions by value with AED 5 billion (2,078 transactions), followed by Al Wasl with AED 4.51 billion (711 transactions), and Dubai Hills in third place with AED 4.4 billion (1,445 transactions).
Mortgages amounted to AED 24.2 billion through 6,620 actions. Business Bay led with AED 2.95 billion (302 actions), followed by the First Trade Center with approximately AED 1.46 billion (3 actions), and Dubai Marina in third place with AED 867 million (500 actions).
In terms of gifts, Business Bay came first with a value of AED 960 million (132 transactions), followed by Burj Khalifa with around AED 543 million (71 transactions), and Palm Jumeirah in third place with AED 488 million (119 transactions).
Thus, Business Bay has topped the list of Dubai real estate transactions (sales, mortgages, gifts) in terms of value, with approximately AED 9 billion resulting from 2,512 actions.
Source: Khaleej news.