The Dubai real estate market continues to thrive, recording a staggering AED 13.1 billion ($3.6 billion) in transactions just last week. According to the Land Department, this impressive figure highlights the sector's resilience and ongoing appeal to both local and international investors. The report, covering the period from August 12 to August 16, showcases the strength of Dubai's property market, particularly in the sales sector.

Dominance of Sales Transactions

Sales transactions dominated the market, accounting for AED 9.81 billion ($2.7 billion) of the total value recorded. This indicates a robust demand for properties in Dubai, with buyers actively investing in high-value real estate. A total of 3,790 sales transactions were completed during this period, further solidifying Dubai's status as a leading global real estate hub. The continuous flow of transactions demonstrates investor confidence and the city's appeal as a prime destination for real estate investment.

Noteworthy Sales: High-Value Properties

Among the top sales recorded by the Land Department, some notable transactions include:

• An apartment at Dorchester Collection Dubai, sold for a staggering AED 139 million ($37.8 million).
• An apartment in Casa Canal, fetching AED 58.5 million ($15.9 million).
• An apartment in Il Primo, which was sold for AED 38.4 million ($10.5 million).

These high-value transactions reflect the demand for luxury properties in Dubai, a market that continues to attract affluent buyers seeking exclusive residences in the city's most prestigious locations.

Mortgage Deals Reflect Strong Financial Activity

In addition to sales, the Land Department's data also highlights substantial mortgage activity. Last week alone, mortgage deals worth AED 2.72 billion ($741 million) were recorded. This significant volume of mortgage transactions indicates a healthy lending environment and suggests that both end-users and investors are leveraging financial products to finance their property acquisitions.

Gift Transactions Add to the Market's Vibrancy

The real estate market in Dubai also saw a notable volume of gift transactions, valued at AED 576 million ($157 million) during the same period. These transactions, which often involve transfers of property within families or between close associates, add another layer of vibrancy to the market. The substantial value of these gifts underscores the diverse ways in which property is exchanged in Dubai, beyond traditional sales and mortgages.