Dubai Property Transactions Top Dh1.79b

The total value of land transactions in Dubai last week reached Dh1.79 billion, of which sales exceeded Dh1.14 billion. The total value of mortgages during the period was Dh655.91 million, according to the Land Department. A total of 90 sale transactions were registered with the Department by the end of the week, the most valuable of which was a plot in Jebel Ali that was sold for Dh29.88 million. The next two most prominent sales saw a second plot in Jebel Ali acquired for Dh28.80 million and another in Jebel Ali for Dh24.75 million. The Emirates Hills-2 area was the most active in terms of the week's sales, with some 22 transactions. Emirates Hills-3 followed it with 10 sales. During the period, Emirates Hills-2 recorded the highest turnover by value, at Dh88.89 million, followed by the Jebel Ali area, Dh83.45 million, and Palm Jumeirah area, Dh71.37 million.

The biggest area sold was the 72,418-square-foot plot in the Al Barsha South-3 area, which went for Dh19.01 million. A 43,614-square-foot plot in the Emirates Hills-3 area was acquired for Dh7.07 million, while 43,614-square-foot area in Emirates Hills-3 was disposed of for Dh8.72 million. During the period under review 63 mortgages worth Dh433.53 million were registered. Villas in freehold areas witnessed the registration of 533 sales transactions out of which 481 were for apartments for a total of Dh397.32 million and 52 for villas at a total of Dh88.58 million.