Dubai posts over $690mn worth property transactions on 1st working Friday

By Amirtha P S, Desk Reporter
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The first working Friday of Dubai, following the adoption of the new weekly work system in the UAE, witnessed the value of real estate transactions in the emirate exceeding $690 million, with 227 property deals.

According to reports, the total value of real estate deals recorded in the first week of the new year exceeded $1.97 billion, with 1,766 transactions.

The first working Friday in Dubai saw 173 sales transactions worth $650 million, 12 of which were plots of land worth $122.8 million and 161 were apartments and villas worth $530 million, as per the data from the Dubai Land Department (DLD).

The top three areas that saw the highest value of land sales transactions on Friday were Marsa Dubai, which saw land sales worth $100 million, followed by Al Thanya Fifth, where a plot of land was sold for $7.6 million and Palm Jumeirah where a plot of land was sold for $4.6 million.

Jebel Ali First recorded the highest number of transactions on Friday with three sales transactions worth $1.6 million, followed by Palm Jumeirah with a $4.6 million sales transaction, and Warsan First with a $1 million worth property deal.

The three highest valued sales transactions featuring transfers of apartments and villas included a $136 million sales in Palm Jumeirah, followed by a $134.7 million and a $109 million sales transaction in Marsa Dubai.

Jebel Ali First recorded the most villa and apartment sales transactions on Friday with 23 deals worth $4.9 million, followed by Business Bay with 21 sales transactions worth $6.81 million, and Al Barsha South Fourth with 13 transactions worth $4.3 million.

The total value of mortgage transactions concluded on Friday was $34 million. The biggest mortgage transaction was registered in Al Thanyah Fourth featuring a value of $10 million followed by a mortgage transaction in Nad Al Sheba Third worth $2.9 million.

Five properties worth a total of $5.22 million were granted to first-degree relatives. Among these, the highest value of $3.2 million was registered in Al Merkadh.

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