As we move in to the new week, Dubai's real estate market witnessed an eventful week from 8th May to 14th May 2023. The total transactions and value reached impressive figures, showcasing the market’s robustness. This blog post will delve into the highlights of the week, including key statistics and top-performing areas in both the primary and secondary markets. Most expensive property sold during the week in Dubai.
Total Transactions and Value: The week saw a remarkable total of 2,520 real estate transactions in Dubai, amounting to a value of 7.38 billion AED. This reflects the high level of activity and investor confidence in the market.
Primary Market Performance: In the primary market, which comprises properties under development, there were 1,303 transactions with a total value of 3.03 billion AED. These figures highlight the demand for off-plan projects and confidence of the investors about the developers and the quality of the properties in Dubai.
Secondary Market Performance: The secondary market, encompassing resale properties, witnessed a total of 1,217 transactions, out of which 545 were mortgage transactions. The overall value of these transactions reached an impressive 4.35 billion AED, with a mortgage value of 1.90 billion AED. This indicates a healthy balance between cash and mortgage transactions, underlining the market's accessibility to a wide range of buyers.
Most Expensive Property: During the week, a custom villa in Dubai Hills Estate sold for a staggering 120 million AED. This prestigious property serves as a testament to the high-end and exclusive options available in Dubai's real estate market.
Let’s jump on to the top performing areas.
In-terms of Residential Villas: Arabian Ranches 3
& Jumeirah Golf Estates are the top performing areas.