Nad Al Sheba deal leads property sales in Dh1.42b transactions

Dubai : The total value of land transactions in Dubai last week reached Dh1.42 billion, of which sales exceeded Dh866.20 million.

The total value of mortgages during the period was Dh558.28 million, according to the Land Department.

A total of 51 sale transactions were registered with the department by the end of the week, the most valuable of which was a plot in Nad Al Sheba that was sold for Dh34 million.

The next two most prominent sales saw a second plot in Al Jadaf acquired for Dh22.341 million and another in Al Ras for Dh20 million.

The Ranches area was the most active in terms of the week's sales, with some nine transactions. Al Wasl followed through with seven sales.

During the period, Nad Al Sheba recorded the highest turnover by value, at Dh34 million, followed by the Ranches area at Dh29.99 million, and Wadi Al Amardi area at Dh22.47 million.

Top seller

The biggest area sold was the 3,23,989 square feet in Wadi Al Amardi which went for Dh12.96 million.

A 2,37,768 square foot plot in Wadi Al Amardi was acquired for Dh9.51 million, while 56,786.08 square feet in Nad Al Sheba was disposed of for Dh34 million.

Registered

During the period under review 74 mortgages worth Dh390.69 million were registered, the most significant of which was the Dh150 million for an area on Shaikh Zayed Road.

There was another for Dh63.44 million for an area in Port Saeed.

Apartments and villas in freehold areas witnessed the registration of 413 sales transaction out of which 392 were for apartments for a total of 442.22 million and 21 for villas at a total of Dh42.99 million.