In the week ending July 15, there were 5.5 billion dirhams worth of real estate transactions in Dubai, according to figures from the Dubai Land Department.
The emirate registered 1,614 transactions, including the sale of 1,004 flats and villas for Dh2.43 billion and the sale of 186 plots for Dh594.72 million.
According to the DLD weekly report, the top transactions involved a property in Ras Al Khor Industrial First that sold for Dh32.91 million and land in Al Merkadh that sold for Dh19.41 million.
The highest sales this week were made by Al Hebiah Fifth with 105 transactions totaling Dh262.43 million. Jabal Ali First came in second with 35 deals totaling Dh101.75 million and Al Yufrah 2 with 12 transactions totaling Dh15 million.
Apartment and villa transfers include the sale of a Burj Khalifa apartment for Dh317 million, an Al Wasl apartment for Dh240 million, and a Palm Jumeirah apartment for Dh191 million.
The total value of properties with mortgages for the week was Dh2.06 billion.
Sharjah scores big
According to information from the Sharjah Real Estate Registration Department, a total of 747 real estate sales transactions in 106 regions occurred in Sharjah in June and were worth a combined Dh1.9 billion.
358 mortgage transactions totaling Dh764 million are included in the statistics.
Abdulaziz Ahmed Al Shamsi, Director General of SRERD, said: “Despite being impacted by the global economic conditions since last February, the sector has maintained an upward momentum in growth and a positive recovery pace. It has benefited from the increased appetite of investors to conduct real estate transactions. Companies and individuals seek to invest in real estate as it is a safe haven for capital and an ideal way to achieve a decent lifestyle.”
“These results are in line with the strategic vision of the Emirate of Sharjah in the areas of economic and social development, enhancing financial sustainability, stimulating the macroeconomy, and providing adequate housing for citizens and residents alike.”
The department completed 2,521 transactions all over the past month, with 747 of those being sales and accounting for 29.6% of the total. Mortgage transactions made up 358, or 14.2% of all transactions, while the remaining transactions made up 1,416, or 56.2% of all transactions.
Residential, commercial, industrial, and agricultural areas made up over 6 million square feet of real estate sales in the emirate in June.
There were 239 transactions involving vacant land, broken down by property type (32 percent). Unlike separated towers, which accounted for 331 trades, built lands represented 177 transactions (or 23.7%). (44.3 percent).