Dubai Land Transactions Total Dh3.9B

The total value of land transactions in Dubai last week reached Dh3.09 billion, of which sales exceeded Dh1.90 billion. The total value of mortgages during the period was Dh1.19 billion, according to the Land Department. A total of 50 sale transactions were registered with the Department by the end of the week, the most valuable of which was a plot in Trade Centre-2 that was sold for Dh600 million. The next two most prominent sales saw a second plot in Al Garhoud acquired for Dh59.56 million and another at Dubai International Airport for Dh48.13 million. The Palm Jumeirah area was the most active in terms of the week's sales, with some eight transactions. Al Ruwayyah followed it with five sales. During the period, Trade Centre-2 recorded the highest turnover by value, at Dh600 million, followed by the Dubai International Airport area, Dh92.03 million, and Palm Jumeirah area, Dh84.95 million.

The biggest area sold was the 190884 square feet in the Wadi Al Amardi area, which went for Dh15.4 million. A 180,565 square foot plot in the Tawi Al Muraqqab area was acquired for Dh1.08 million, while a 59,568 square foot plot in Al Garhoud was disposed of for Dh59.57 million. During the period under review, 53 mortgages worth Dh1,105.31 million were registered, the most significant of which as the Dh328.5 million for an area on Shaikh Zayed Road. There was another for Dh260 million in Trade Centre -1. Apartments and villas in freehold areas witnessed the registration of 760 sales transactions, out of which 735 were for apartments for a total of Dh650.83 million, and 25 for villas at a total sum of Dh45.99 million. A total of 37 mortgages for Dh37.95 million were registered.