Here’s another Dubai real estate report. Dubai real estate market recorded 479 sales transactions worth AED1.65 billion, in addition to 82 mortgage deals of AED406.61 million, and 37 gifts deals amounting to AED137.63 million on Wednesday, data released by Dubai’s Land Department (DLD) showed.
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
A property deal for the purchase of land worth Dh600 million ($163.4m) has been recorded by the Dubai Land Department as prices in prime areas of Dubai continue to rise. The land, on The Palm Jumeirah, was bought by an unnamed buyer, with the area listed as 5,534 square metres.
A study conducted by the Dubai-based real estate brokerage, showed that the real estate sector in the Emirate of Dubai exceeded the Dhs200bn barrier in terms of sales for the first time since the beginning of this year to date, with more than 74,000 transactions , based on the latest data issued by the DLD.
With Mukesh Ambani buying villas for eye-popping prices in Dubai, those wanting to sell super-luxury homes to billionaires (even millionaires will do) are using the oldest strategy in the book – renovate, makeover, customise and sell.
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The emirate’s prime real-estate prices surged 70.3% over the 12 months through September. Brokers and developers talk of swift transactions and a wild assortment of buyers — from rich Russians looking for a safe haven for their money after their country’s invasion of Ukraine to startup founders and investors from neighboring Gulf countries flush with cash after the surge in oil prices.