Over 1,000 Dubai flats, villas sold for $4.5mln in one week

Dubai Land Department records over 1,500 real estate deals during first week of year

  
The palm Jumeirah in Dubai with skyline. Image used for illustrative purpose.

The palm Jumeirah in Dubai with skyline. Image used for illustrative purpose.

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Property buyers in Dubai snapped up more than 1,000 residential properties worth 1.6 billion UAE dirhams ($4.5 million) in one week, the Dubai Land Department (DLD) said on Thursday.

During the week ending January 7, the DLD recorded a total of 1,546 real estate transactions. Among those sold were 109 plots worth 438.22 million and 1,035 apartments and villas.

The most sought-after locations for home buyers was Nad Al Sheba Third, which registered 27 deals worth 66.29 million. Properties at Al Hebiah Fourth emerged as the second-most popular location, with 20 sales transactions worth 45.5 million, followed by Nad Al Sheba First with 18 transactions worth 36 million.

Dubai’s property market is starting to show signs of stabilising after years of steady decline. According to ValuStrat’s Price Index (VPI), capital values of homes “approached stabilisation” at the end of 2020, with some locations registering some minor increases due to high demand from price-conscious buyers.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com 

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