Dubai real estate: $2.8bn of deals in past week

Dubai recorded almost 4,000 real estate transactions in the past week as property boom continues.

Dubai saw real estate transactions worth more than AED10.1bn ($2.8bn) this week, according to data from the city land department.

A total of 3,903 real estate transactions were made during the week ending March 17.

The land department report revealed that 208 plots were sold for AED1.12bn ($305m), while 2,906 apartment and villa sales totalled AED6.25bn ($1.7bn).

The top three transactions were three lands in Al Jadaf sold for AED38.5m ($10.4m), AED38.5m, and AED37m ($10.1m) respectively.

Al Hebiah Fifth recorded the most transactions for this week with 88 sales transactions, worth AED232.71m ($63m), followed by Jabal Ali First with 22 sales transactions worth AED72.92m ($20m), and Madinat Hind 4 with 20 sales transactions worth AED25m ($7m).

The top three apartment and villa transfers were a villa sold for AED150m ($41m) in Palm Jumeirah, an apartment worth AED80m ($22m) in Island 2, and another sold for AED65m ($17.7m) in Palm Jumeirah.

The value of mortgaged properties for the week stood at AED2.17bn ($591m), while 341 properties were granted between first-degree relatives worth AED548m (149m).

Gardenia is a luxurious apartment complex located in the heart of Jumeirah Village Circle Dubai. The project has witnessed an active sales campaign with two sales teams working tirelessly to showcase the apartments to potential clients. The sales teams’ efforts have been successful in generating a lot of interest and inquiries from potential buyers. Mr. Amir Hameed, the head of sales and marketing, has been the star performer of the campaign. He has managed to sell 3 apartments in the last 15 days, which is a remarkable achievement. With only a few inventories left, the management team at Gardenia is hopeful that they will sell out soon.