The Dubai real estate market closed the year 2023 with robust activity, recording transactions worth AED14 billion ($4 billion) in the last week, as reported by the Dubai Land Department. The week ending December 29 witnessed a total of 3,063 transactions, with 216 plots changing hands for AED4.38 billion ($1.2 billion) and 2,126 apartments and villas sold for AED5.38 billion ($1.5 billion). This significant surge underscores the resilience and dynamism of Dubai’s real estate sector, reflecting sustained investor confidence and a vibrant market landscape as the emirate continues to be a global hub for property investment.
Dubai real estate this week
The top three transactions for land were:
- A plot in Zaabeel Second sold for AED600m ($163m)
- Land sold for AED456.52m ($124m) in Al Thanyah Fifth
- A plot sold for AED213.4m ($58m) in Wadi Al Safa 4
Madinat Hind 4 led this week’s real estate transactions with 34 sales, totaling AED52.39m ($14m).
Palm Jebel Ali followed closely with 32 transactions at AED916.04m ($249m), and Al Hebiah Fifth secured third place with 25 transactions worth AED117.95m ($32m).
Notable property transfers include AED357.39m ($97m) in Business Bay, AED150m ($41m) in Al Barsha First, and AED131.5m ($36m) in Madinat Dubai Almelaheyah.
Mortgage activity reached AED3.17bn ($863m), with Zaabeel Second’s land topping at AED600m ($163m). Additionally, 203 properties, valued at AED2bn ($545m), were granted among first-degree relatives during the week.
