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Dubai sees boom in property deals

A total of $790 million was spent on real estate transactions in Dubai in the week ending November 5.The Department of Land and Property in Dubai recorded a total of 1,241 deals which included 44 plots sold for a total of $48.08 million and 854 apartments and villas sold for $405 million. The top two transactions were land in Al Merkadh and in Al Barsha South Forth which fetched which $4.45 million and $3.43 million

The weekly statistics come on the back of a positive September and third quarter in Dubai’s property sector. According to the department, there was a 55% increase in sales volumes for Q3 and a 65% increase in total value compared to the previous quarter.

© 2020 funds global mena

Source: "http://www.fundsglobalmena.com/news/dubai-sees-boom-in-property-deals"

Building back: Is Dubai's real estate market rising again?

The emirate’s real estate sector has witnessed signs of a rebound in the wake of easing Covid-19 restrictions

What a year this has been for real estate in Dubai. Despite the crisis and the roller coaster ride we saw in transaction flows and buyer sentiment, we are currently in a very interesting
place.

Prices are now stabilising in prime areas where supply is low, and in some places, rates are also rising. We are starting to see multiple offers for properties in these areas as well.

So, how did we get here?

Going back to the start of the year, in January and February of 2020, Dubai’s property market saw month-on-month increases in real estate transactions following similar trends from H2 2019.

During these two months, the enthusiasm for Expo 2020 was still strong, and this was seen in the transaction volumes. This trend, of course, came ahead of concerns of Covid-19, which started to heighten in March.

There was a 12 per cent year-on-year rise in overall transactions in January 2020, with the figures growing 33 per cent year-on-year in February, with an incredible 76 per cent rise in off-plan transactions.

Individual investors were looking at this period as an opportunity to invest in a city that was going to be hosting the biggest show on earth, Expo 2020, and this interest was also backed up by the enormous amount of surplus supply the market still had from the previous year.

Looking more broadly at the first quarter of the year, Dubai real estate sales transactions grew by 9.74 per cent when compared to the same time period in Q1 2019. In fact, Q1 2020 had the highest number of transactions since Q1 2017, with the market cruising towards what looked like would be a record breaking year.

But when the pandemic came to the forefront in March, it was obvious that we would see a slowdown in transactions. Due to the UAE government’s proactive policies and swift and innovative efforts, we made it through this tough period quicker than most. Innovative efforts from the authorities also helped the real estate market to start transacting again.

One such decision from the Dubai Land Department was the introduction of online property transfers. Once the registration trustee offices came back to work with 30 per cent of their workforce, those looking to close a deal could book an appointment a day in advance and email the documents. That way the interaction on premises was reduced to a minimum. The online procedure implemented during the lockdown remain in place, and property registrations now can also be completely done online.

Dubai was in full lockdown in April, partially in May and didn’t start opening fully until June. Hence, the entire second quarter was affected by Covid-19. Overall, Dubai saw 5,552 sales transactions in Q2 2020 worth Dhs10.86bn, down 38.7 per cent (9,062 transactions) and 42 per cent (Dhs18.78bn) respectively compared to the same period last year.

As the average property sales cycle is 45-60 days, we saw the biggest impact of the lockdown on the sales transactions in the second half of May, with volumes dropping to their lowest levels at the end of the month. While the secondary market saw 40 per cent of the transactions in Q2, off-plan accounted for 60 per cent of the transactions.

However, that trend began to change in June, when, for the first time since the crisis began, off-plan sales transactions volumes dropped below those in the secondary market. Real estate sales transactions also grew in June, with an average of around 570 properties sold in Dubai every seven days. Sales and rental enquiries were also up compared to last year for both apartments and villas/townhouses, with the highest increase in enquiries for villas/townhouses.

So why would people look to buy property right after the lockdown and during a pandemic?

The answers – pent-up demand coupled with attractive prices and lower down-payment and funds required – a move that was implemented by the UAE central bank during the lockdown.

A strong June laid the foundation for a faster recovery and we started to see patterns of a V-shaped recovery, characterised by a rapid rise following a sharp decline. We slowly started heading back to the transaction levels of February and early March 2020. August typically has been a slow month for Dubai real estate when compared to the rest of the year, but not in 2020.

According to Data Finder, the data platform under the Property Finder group, August 2020 saw a rise of 11.3 per cent in real estate transactions compared to August 2019. In previous years, the summer months were typically slower for real estate transactions in Dubai because of the holidays.

This year, due to the Covid-19 situation, many residents chose not to travel. This, coupled with pent-up demand and attractive pricing drove transactions higher. Looking only at the secondary market, August 2020 had 22.4 per cent more transactions than August 2019.

New trends
The softening of Covid-19 restrictions by the UAE government has positively impacted market sentiment across the real estate sector. Real estate portals Property Finder and Mortgage
Finder saw an immediate increase in consumer enquiries and searches as movement restrictions were revised.

We have started to see signs of the market returning to a new normal. In addition, a new trend emerged which we didn’t see during the lockdown period – rental enquiries for villas in Dubai went up. Another trend we saw at the start of the crisis was an increase in searches for villas/townhouses with outside space such as gardens, balconies and pools. This was a clear indication that people are valuing personal, outside space in their homes.

The key new trends that have emerged are as follows:

• Significant increase in short-term leads, especially in Dubai
• The percentage of searches for “pool” and “garden” have increased
• People are increasingly searching for bigger houses
• In rentals, the high price category units are the least affected
• Payment terms for rentals are significantly more important now. Landlords are accepting a higher number of cheques to ease the financial load on the tenants
• The percentage of searches for warehouses in commercial real estate is increasing

During the lockdown, search and demand data on Property Finder showed that people started looking for bigger properties, shifting from the traditional small family apartments to
villa/townhouses. This trend has grown significantly since the crisis started and continues to have an effect on the market.

Since the start of the pandemic, the ratio of sales transactions for one-bedroom units has fallen by over 10 per cent and for studios by more than 34 per cent. The ratio of transactions for three-, four- and five-bedroom units has increased by 9 per cent, 20 per cent and 15 per cent respectively.

When looking at the split between apartments and villas/townhouses, the volume of villas/townhouses sales transactions to the percentage of apartments increased gradually from a 12/88 split to now a 21/79 split.

In July, a total of 494 sales transactions were recorded for ready villas/townhouses, as consumers were looking for ready units to move into. This marks the highest number of villas/townhouses sold in a single month since transaction data was made available in 2008.

Talking off-plan
Another interesting trend that changed during the crisis was the split of off-plan versus secondary market transactions.

Over the last two years, the split between off-plan and secondary market always hovered in the 50/50 range. Once the crisis started, off-plan transactions started to increase and the split grew to 70 per cent by May. However, once the lockdown eased, the trend shifted and there was an increase in secondary market transactions. The split also reversed, with off-plan now only accounting for 30 per cent of all sales transactions.

Market movement
The market started strong at the beginning of the year because of the expectations surrounding Expo 2020 and fell drastically between March and April due to the Covid-19 impact.

The market reached its lowest point in May 2020 and once the lockdown was lifted, it began its recovery. Now, despite claims of a second coronavirus wave, the market appears to be fully equipped to handle the crisis. From what the data shows us, the market started stabilising in June and since then it has gradually improved. Listings are increasing, consumers are sending more enquiries and property agents are closing more deals – some even virtually – and the number of consumers looking for mortgage pre-approvals has increased by over 30 per cent.

We are seeing consistent growth, even if it is fractional. As we slowly return to our ‘new normal’ and the Dubai real estate market becomes more dynamic and adaptable to change, some of the new trends that have emerged during the crisis look like they are here to stay.

Lynnette Abad is the director of research and data at Property Finder

Source "https://gulfbusiness.com/building-back-is-dubais-real-estate-market-rising-again/"

Dubai's October real estate transactions surge to $1.08bn

 

A total of 1,369 real estate and properties transactions worth AED4 billion ($1.08 billion) were registered during the week ending October 22. 
 
Around 67 plots were sold for AED266.5 million ($72.5 million) in addition to 825 apartments and villas worth AED1.33 billion ($362 million).
 
The top three transactions were a land in Al Thanayah Fourth sold for AED25.5 million, followed by a land that was sold for AED20.66 million in Al Merkadh, and a land sold for AED25.5 million in Al Thanayah Fourth in third place.
 
Nad Al Shiba Third recorded the most transactions for this week by 28 sales transactions worth AED68.81 million, followed by Jebel Ali First with 6 sales transactions worth AED7.55 million, and Hadaeq Sheikh Mohammed Bin Rashid with 4 sales transactions worth AED24 million in third place.
 
The top three transfers for apartments and villas were a villa was sold for AED167 million in Al Hebiah Fourth, an apartment was second in the list sold for AED137 million in Burj Khalifa, and thirdly it was an apartment sold for AED136 million in Marsa Dubai.
 
The sum of the amount of mortgaged properties for the week was AED2 billion, with the highest being a land in Mugatrah, mortgaged for AED890 million.-TradeArabia News Service
source "http://www.tradearabia.com/news/CONS_374312.html"

How Dubai property prices compare globally for investor risk

New UBS research shows Dubai real estate market is fairly valued compared to global peers after years of price declines

Dubai's real estate market remains fairly priced compared to other major cities in the world after seeing six years of falling values after reaching a peak in 2014, according to new research.

The UBS Global Real Estate Bubble Index 2020, a yearly study by UBS Global Wealth Management's Chief Investment Office, indicates bubble risk or a significant overvaluation of housing markets in half of all evaluated cities around the world.

The Eurozone stands out as the region with the most overheated housing markets. Munich and Frankfurt top the ranking, with Paris and Amsterdam closely following.

By comparison, prices in Dubai are fairly valued, UBS said, adding that the market is likely to see a rebound in the mid- to longer-term.

Ali Janoudi, head of Middle East and Africa at UBS Global Wealth Management, said: “Dubai's property market has reached a cyclical low. Since the last peak in 2014, prices have fallen. What we’re seeing is that positive price effects of high population growth and easier mortgage regulations are being offset by ongoing high supply growth and weaker oil prices.

"However, Dubai’s real estate market is cyclical and we believe that mid-to longer term, the housing market will recover as the city remains a very attractive hub for financial services and many other industries.”

Despite the coronavirus pandemic, housing markets have remained resilient in the first half of 2020, according to UBS.

The study cites three main reasons for this outcome.

First, home prices are a backward-looking economic indicator and are only able to reflect an economic downturn with a certain delay.

Second, the majority of potential home buyers did not suffer direct income losses in the first half of 2020. Credit facilities for companies and short-time work schemes mitigated the fallout from the crisis.

Third, governments supported homeowners in many cities during the lockdown periods. Housing subsidies were increased, taxes lowered, and foreclosure procedures suspended.

Mark Haefele, chief investment officer at UBS Global Wealth Management, said: “It is uncertain to what extent higher unemployment and the gloomy outlook for household incomes will affect home prices. However, it’s clear that the acceleration over the past four quarters is not sustainable in the short run.

"Rents have been falling already in most cities, indicating that a correction phase will likely emerge when subsidies fade out and pressure on incomes increase.”

High market valuations and an uncertain short-term outlook are bringing the longer-term trajectory of city housing into focus.

On the one hand, the key appreciation drivers of urban housing – superior employment opportunities and amenities, low financing costs, and limited supply growth – remain in place. On the other hand, the pandemic seems to be accelerating a shift of population growth from cities to the wider metropolitan areas.

On average, inflation-adjusted price increases have accelerated in the last four quarters. In many European metropolitan areas, prices soared by more than 5 percent, with Munich, Frankfurt, and Warsaw leading the way. Price growth in the Asian and American cities, with the exception of Sydney, remained in a low-to-mid single-digit range.

Dubai, Madrid, San Francisco and Hong Kong are the only cities that saw a decline in prices. This is the lowest number of cities experiencing negative price growth since 2006.

Claudio Saputelli, head of Real Estate at UBS Global Wealth Management’s Chief Investment Office, said: “The rise of the home office calls into question the need to live close to city centres. Pressure on household incomes cause many people to move to more affordable suburban areas. Moreover, already debt-ridden or economically weaker cities will have to respond to this economic crisis with tax increases or public spending cuts, neither of which bode well for property prices. Taken together, these factors amplify some longer-term uncertainties surrounding urban housing demand.”

Separately, a research note from Data Finder, the insights and data platform under the Property Finder group, said on Thursday that September has reinforced that the Dubai real estate market is in a full V-shaped recovery.

Its data showed that September had 3,853 property sales transactions which was 56.56 percent higher than the month of August and 59.68 percent higher than the month of July.

The total value of the transactions was AED8.93 billion which is 88.38 percent higher than the previous month and 36.04 percent higher than September 2019.

Lynnette Abad, director of Research & Data at Property Finder, said: “There has been quite an array of interesting dynamics in the Dubai real estate market these past few months. We have low supply in prime areas where demand is high which has caused multiple buyers and bids on properties.

"Sale prices in prime areas have risen while rents have consistently stayed the same. Our broker clients are having all time record breaking months. Needless to say, pent up demand, best ever mortgage rates and lower down payments have been the perfect combination to stimulate the Dubai real estate market.”

According to the new figures, Q3 had a total of 8,727 property sales transactions which is 55.76 percent higher than Q2 with the value of deals topping AED18.3 billion.

The top areas for overall sales transactions in Dubai during September were Tilal al Ghaf, Business Bay, Jumeirah Village Circle, Dubai Marina and Mohammed bin Rashid City.

source "https://www.arabianbusiness.com/property/452491-how-dubai-property-prices-compare-globally-for-investor-risk"

Time UAE residents thought beyond renting to actually investing in property

Combination of favourable factors are in play, but just don’t settle for easiest option

Among the most fundamental - and practical - dreams people share is owning a home. But why is it that not everyone succeeds in this? Economics plays a significant role in the overall scheme of things.

So, given the opportunity to purchase a property - or your home, no less - would you not hold on tightly and make sure you “own” it? In Dubai, while there has been a correction in rental values, it has essentially lagged behind the correction going on in property values. And I do not believe the general rent decline will exceed 10 per cent in most areas.

Owning a property is essential to underpinning the accumulation of wealth and building net worth. Obviously, the accumulation of the asset itself must be done with a high level of diligence and care and the vast majority who have taken the step towards property ownership have benefitted significantly. The essential question to ask is: “How do I use my money to increase my wealth instead of the wealth of my landlord?”

Doing away with a needless expense

Owning property allows you to change the application of your hard-earned dirhams from covering an expense that offers you no financial return to investing in an asset that does. In a way, it’s a forced form of saving that will reap benefits for you in the future.

Conversely, paying rent actually detracts from your ability to build net worth because, not only are you paying out for no financial gain, but you are at the mercy of rental inflation as well. This is a problem because you are consistently being asked to pay more while your salary increases are lagging, effectively eroding your ability to build wealth.

By owning your home, inflation is working in your favor because, in all likelihood, the property is increasing in value and, if kept for a certain number of years, will enjoy an inflation-driven compounding effect on its value. This allows the owner to build net worth through capital appreciation of the property – something important for your financial future.

Stated intent

The fundamentals of buying real estate in Dubai are no different from those elsewhere. As an expat, you may be even more anxious regarding the decision to buy which is all the more reason to stick to some tried principles.

First of all, be very clear as to why you are investing in real estate. Whether to provide the family with a home, generate a steady stream of income or build equity for the future, make sure about what the expectations are and quantify them wherever possible. Plan for the long term and can be rewarding if you ride out one or two cycles.

If you have the cash to pay, I suggest you pay for it outright. However, don’t be afraid to take out a mortgage and make the purchase as at least your repayments are building equity, not being lost forever on rent.

Picking an option

As always, stick to the basics. Properties which are close to the beach (especially with a sea view), a golf course view or part of an iconic development such as Downtown Dubai is a good place to start. If you can have close access to the Metro, even better. These are more likely to provide superior appreciation in capital value as well as be able to ride out cyclical volatility with less distress.

You also need to consider the effectiveness of the owners association, service charges and the quality of maintenance services. Facility management is becoming increasingly important to determining the value of buildings, and it will have an effect on the long-term value of your investment.

If you cannot find a property immediately that will satisfy your requirements and objectives, do not settle for less, regardless of what’s happening in the market.

Source "https://gulfnews.com/business/analysis/time-uae-residents-thought-beyond-renting-to-actually-investing-in-property-1.74291113"

$1.05bln of weekly real estate transactions in Dubai

A total of 182 plots were sold for $329mln, 1,140 apartments and villas were sold for $435mln

 

 

DUBAI - The real estate and properties transactions in Dubai were valued at AED3.89 billion in total during the week ending October 1st 2020, according to the figures of the Department of Land and Property in Dubai. The sum of transactions was 1,732.

A total of 182 plots were sold for AED1.21 billion, 1,140 apartments and villas were sold for AED1.56 billion.

The top three transactions were a land in Marsa Dubai sold for AED250.2 million, followed by a land sold for AED45.04 million in Al Hebiah First, and a land worth AED250.2 million in Marsa Dubai in third place.

Al Hebiah Third recorded the most transactions for this week by 19 sales transactions worth AED48.17 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 15 sales transactions worth AED104.89 million, and Al Thanayah Fourth with 13 sales transactions worth AED123 million in third place.

The top three transfers for apartments and villas were an apartment was sold for AED221 million in Burj Khalifa, an apartment was second in the list sold for AED199 million in Al Merkadh, and thirdly it was an apartment sold for AED182 million in Al Khairan First.

The sum of the amount of mortgaged properties for the week was 843 million, with the highest being a land in Al Barshaa South Second, mortgaged for AED 129 million.

A total of 99 properties were granted between first-degree relatives worth AED281 million.

© Copyright Emirates News Agency (WAM) 2020.

Source "https://www.zawya.com/mena/en/business/story/105bln_of_weekly_real_estate_transactions_in_Dubai-WAM20201001162220209/"

Israeli investors eye booming UAE real estate, energy, AI sectors

 

 

As the talks to normalise relations between Israel and the UAE gather momentum, a group of private sector players from Israel, Emirates-Israel Investment Group is also expected in the country in search of mutually beneficial investment and trading opportunities.
 
Coming against the backdrop of the historic talks, a group of Israel investors under the auspices of the United Emirates-Israel Investment Group, have shown keen interest in developing partnerships in various sectors of the regional economy. 
 
A organisation founded by a group of investors with vast experience in business all over the world, The Emirates-Israel fund specialise in different areas such as real estate, energy, artificial intelligence (AI), automotive, cyber security, agriculture and food industry. 
 
The group has identified Dubai as the gateway to the region’s vibrant market and their first visit to the UAE is seen as a launchpad for doing business in the wider GCC region. 
 
Israel known as a 'start-up nation' is expected to bring innovative solutions in the energy, cyber security and communications industries. 
 
With the right trading opportunities, the group says its exports to the UAE could jump to an annual $300-$500 million, said a top official. 
 
"We are proud of the successful normalization talks between Israel and the UAE - two great nations that can achieve more in terms of economic growth following a strong annual bilateral trade," remarked Advocate Ofir Bar-Noy, the co-founder of the group and UAE-Israel owner of Bar-Noy and Co Lawyer office.
 
"As private sector players from Israel, we are also looking for investment opportunities in key areas such as cyber technology, biotech, green energy and food technology that can further strengthen this relationship," he added.
 
According to Ofir, the group’s primary objective is to collaborate with UAE investors and to nurture trade opportunities as well as to establish solid foundations for long term business relationships.
 
The group also plans to tap into UAE’s unique position as a regional business hub for world-class products and cutting-edge technology to grow a market for Israel products and services.
 
Source "http://www.tradearabia.com/news/CONS_372724.html"

Invest in Dubai Real Estate initiative to offer best services at virtual event

Taking place alongside International Property Show, event to generate additional networking opportunities for market

 

 

The Dubai Land Department (DLD) on Saturday launched the Invest in Dubai Real Estate initiative to offer the best virtual experience to the realty industry.

The department, through its Real Estate Promotion and Investment Management Sector, in cooperation with Strategic Holding, announced the latest move to unveil unprecedented interactive features for its very first virtual edition from November 11-20 to provide an unparalleled, intriguing experience for the global real estate community.

Invest in Dubai Real Estate aspires to be the best virtual destination for the industry as it utilises the most advanced virtual technology and a digital platform that will advance upon the real estate industry in Dubai.

Taking place alongside the International Property Show, Invest in Dubai Real Estate will generate additional networking opportunities for the Dubai real estate market.

In a safe and secure virtual environment, made possible through its partner Events 10X, the event will eradicate all barriers and stimulate connectivity among exhibitors, developers, investors and other professionals from different parts of the globe. The aim would be to maximise investment opportunities for the local real estate market, with the ultimate goal of further boosting economic progress and sustainability in Dubai.

"Innovation is an indispensable pillar to shape the future of the real estate industry. Possessing the ability to quickly adapt to varying real estate scenarios, such as using technology to transform the future of the industry, is a necessity to stay resilient and gain a competitive edge in international markets," said Sultan Butti bin Mejren, director-general of the DLD.

"The DLD has played a crucial role in adapting to and promoting innovation and using artificial intelligence because we are consistently seeking approaches that would strengthen Dubai's reputation as a role model for smart cities in the world," he added.

Source "https://www.khaleejtimes.com/business/real-estate/invest-in-dubai-real-estate-initiative-to-offer-best-services-at-virtual-event"

 

Dubai tenants turn into homeowners; mortgage purchases up after COVID-19 lockdown

91% of new real estate purchases made by first-time buyers: Colliers report91% of new real estate purchases made by first-time buyers: Colliers report

 

Dubai’s tenants are flocking into the real estate market and buying homes to take advantage of low interest rates and competitive prices.

In a survey conducted by Colliers during the second quarter of the year, 82 percent of real estate professionals agreed that mortgage purchases in the emirate are increasing. Most of the buyers (91 percent) are first-time homeowners or end users, while only nine percent are investors.

According to the real estate services firm, an increasing number of tenants are now looking to invest in property for themselves as the rent or mortgage payment gap narrows.

“Other contributing factors include current low interest rates, reduced loan-to-value, reduced fees and attractive property prices,” Colliers said in its report released on Sunday.

Property transactions in Dubai have been on the rise despite the overall economic slowdown caused by the coronavirus pandemic. Industry sources said that buying a home has become a more attractive proposition for both investors and buyers, as prices have gone down.

Bigger private space

The stay-at-home trend has also fuelled demand for residential units with ample space, as well as those with swimming pools and gardens.

During the third quarter of the year, close to 9,000 property transactions worth 18.4 billion UAE dirhams ($5.01 billion) were recorded in Dubai, according to Data Finder, the real estate insights and data platform under the Property Finder Group. Transactions in September were 56.56 percent higher than August.

“There has been quite an array of interesting dynamics in the Dubai real estate market these past few months…Our broker clients are having all-time record-breaking months. Needless to say, pent-up demand, best-ever mortgage rates and lower down payments have been the perfect combination to stimulate the Dubai real estate market,” said Lynnette Abad, director of research and data at Property Finder.

Among the real estate professionals polled by Colliers, 44 percent said there has been an increase in demand for properties priced above 5 million UAE dirhams.

Trends in second quarter

“Since lockdown measures were eased, there had been an increased number of sales in higher-end communities. One of the findings from our research is that investors took advantage of the lower price points prior to the COVID-19 lockdown,” said Colliers.

“This created a domino effect releasing pent-up demand from prospective buyers that had been waiting for the right time to buy. After the lockdown measures eased, the market began to pick up momentum as waiting buyers had the opportunity to react.

The majority of the polled respondents also saw an uptake in clients moving from apartments to villas and townhouses.

Buyers that do want apartments tend to favour units that offer additional accommodation and larger terraces or balconies. Apartments that don’t have a balcony are, therefore, proving difficult to sell.

Third quarter trends

Colliers said there are still increased levels of activity from property end users and first-tome buyers during the third quarter of the year, with a large proportion of these looking for a mortgage.

There has also been an increase in transactions involving higher end properties, particular in premium locations like Palm Jumeirah, District One and Jumeirah Islands.

“Due to lockdown restrictions, changing work habits, the desire for larger space and potentially a higher percentage of homeowners less attracted to apartment living, is something that we have noticed continuing into this quarter,” said Colliers.

(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)

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Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

Source "https://www.zawya.com/mena/en/business/story/Dubai_tenants_turn_into_homeowners_mortgage_purchases_up_after_COVID19_lockdown-ZAWYA20201004091401/"

Dubai's weekly real estate sales transactions hit $1.05bn

Dubai's real estate and properties transactions value hit AED3.89 billion ($1.05 billion) during the week ending October 1, according to the figures of the Department of Land and Property in Dubai. 
 
Of the total 1,732 land plots, 182 was sold for AED1.21 billion ($326 million), while 1,140 apartments and villas were snapped up for AED1.56 billion ($424 million).
 
A total of 182 plots were sold for AED1.21 billion, while 1,140 apartments and villas were sold for AED1.56 billion.
 
The top three transactions were a land in Marsa Dubai sold for AED250.2 million, followed by a land sold for AED45.04 million in Al Hebiah First, and a land worth AED250.2 million in Marsa Dubai in third place.
 
Al Hebiah Third recorded the most transactions for this week by 19 sales transactions worth AED48.17 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 15 sales transactions worth AED104.89 million, and Al Thanayah Fourth with 13 sales transactions worth AED123 million in third place, said the report.
 
The top three transfers for apartments and villas were an apartment was sold for AED221 million in Burj Khalifa, an apartment was second in the list sold for AED199 million in Al Merkadh, and thirdly it was an apartment sold for AED182 million in Al Khairan First, it stated.
 
Department of Land and Property said the sum of the amount of mortgaged properties for the week was 843 million, with the highest being a land in Al Barshaa South Second, mortgaged for AED 129 million.
 
A total of 99 properties were granted between first-degree relatives worth AED281 million, it added.-TradeArabia News Service
 
Source:"http://www.tradearabia.com/news/CONS_373458.html"

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