Dubai real estate deals this week total $2.478 billion

This week saw more than $2.478 billion (AED9.1 billion) in real estate deals, continuing Dubai real estate’s impressive trend.
According to data compiled by the Dubai Land Department there were 3,186 transactions recorded in the city in the week ending December 9.
The Land Department report revealed that 419 plots were sold for $610m (AED2.24b), while 2,233 apartments and villas were purchased for $1.263bn (AED4.64b).
The top three transactions were land in Marsa Dubai, sold for $72.3m (AED265.69m), followed by land that was sold for $17.5m (AED64.16m) in World Islands, and land sold for $10.3m (AED38m) in Palm Deira.
Al Hebiah Fifth recorded the most transactions for this week with 200 sales transactions worth $169m (AED621.52m), followed by Jabal Ali First with 79 transactions worth $70m (AED255.32m), and Al Yufrah 2 with 25 transactions worth $8.7m (AED32m).
The top three transfers for apartments and villas were a $14.7m (AED54m) apartment, an $13.6m (AED50m) apartment, and a $10m (AED37m) apartment, all located in Jumeirah Second.
The value of mortgaged properties for the week landed at $476m (AED 1.75 billion), with the highest being land in Me’Aisem First, mortgaged for $98m (AED360m).
Meanwhile,129 properties were granted between first-degree relatives worth $136m (AED500m).
This week, Emaar founder Mohammed Alabbar said he is confident the emirate’s property prices still have “great potential” to grow and that the emirate’s prices should be studied in comparison to other global cities.
In an interview, he told Arabian Business: “Compare the price per square meter in Dubai to Shanghai, to New York, to Chicago. I challenge you to do that and not come to the conclusion that Dubai property is still a cheap deal.”