Dubai Weekly Real Estate News 11/03/23
Here is some data to get us started. Dubai real estate market recorded 502 sales transactions worth AED1.2 billion, in addition to 98 mortgage deals of AED388.51 million, and 66 gift deals amounting to AED212.62 million on Thursday, data released by Dubai’s Land Department (DLD) showed.
The sales included 461 villas and apartments worth AED881.84 million, and 41 land plots worth AED318.68 million. Meanwhile, the mortgages included 76 villas and apartments worth AED182.63 million and 22 land plots valued at AED205.88 million, bringing the total realty transactions of today to over AED1.8 billion.
Now, let’s take a look at some of the property news that caught our attention last week. I’ve included the summary of each article below.
Property News This Week
Demand for Dubai properties is increasing, but Russian buyers are not the main drivers
One real-estate agency said the average ticket price for Russians buying Dubai property over the past year has been $1mln, with some buying up to 10 units at that price.
Dubai Chamber of Commerce launches six real estate sector-specific business groups
Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has unveiled the establishment of six real estate sector-specific business groups.
Dubai will remain ‘City of Skyscrapers’ as new developments build up
Dubai, a city famed for the world’s tallest tower and scores of iconic architectural marvels, is poised to retain its tourism appeal and status as a ‘City of Skyscrapers’ thanks to an array of under-construction high-rise buildings of 300 metres and above.
Dubai: ‘Instant sale feature’ announced for real estate transactions
The Dubai Land Department (DLD) has launched the Instant Sale feature, which utilises smart evaluation technology in real estate transactions without the need for audits.
Dubai property prices yet to peak: Experts
Real estate prices in Dubai could stabilize in 2023, but property prices have still not reached their peak, analysts at rating firms S&P Global said on Thursday.
