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Dubai records real estate sales of AED 12.9B (USD 3.5B) from December 11th to 17th, 2023

The largest transaction was the purchase of a land plot on Palm Jumeirah to the amount of AED 940M (USD 256M). The most expensive residence on the island was also sold for AED 500M (USD 136.1M)
December 20, 2023.
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The Dubai Land Department (DLD) documented a total of 3,888 successfully completed transactions during the week of December 11th-17th 2023. These encompassed 304 land plots valued at AED 3.5B (USD 953M), and 2,744 apartments and villas, amounting to AED 7.2B (USD 2B) in sales.

The largest real estate transactions were occupied by apartments on Palm Jumeirah, totalling AED 940M (USD 256M) and AED 134.8M (USD 36.7M). The second area with the highest sales volume went to a single residence in Trade Center Second at AED 305M (USD 83M), whilst apartments in Al Thanayah Fourth took third place, which were bought for AED 66M (USD 18M).

The largest number of transactions between December 11th to 17th were registered in Wadi Al Safa 2, with 123 transactions worth AED 141.8M (USD 38.6M). In second place was Al Hebiah Fourth with 31 transactions worth AED 816M (USD 222M), and Madinat Hind 4 came in third place with 22 transactions amounting to AED 26.3M (USD 7.2M).
Real estate deals totaling a huge AED 12.9B (USD 3.5B) were concluded in Dubai's property market over the course of just one week
Increase in the number of transactions
Increase in the number of investors
  • Palm Jumeirah - AED 940M (USD 256M)
  • Saih Shuaib 4 - AED 169.5M (USD 46.2M)
  • Madinat Dubai Almelaheyah - AED 102M (USD 27.8M)

The total amount of mortgaged properties last week amounted to AED 1.8B (USD 490M), including a plot in Trade Centre Second worth AED 364M (USD 99.1M), and the Dubai Land Department reported 236 real estate transfers between first degree relatives worth AED 491M (USD 134M).

Last week in Dubai there were 2,470 real estate transactions worth AED 11B (USD 3B). The increase in the number of transactions indicates strong market activity and investor interest in housing, whilst the growth in transaction volumes is a direct result of the number of wealthy investors currently residing in the emirate. According to statistics, Dubai attracted a record 4.5 thousand foreign millionaires in 2023, which is the highest figure in the world.
The largest land deals were as follows:
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