Burj Khalifa apartment sells for Dh317m as Dubai property deals cross Dh5.5b in a week

Dubai saw property transactions valued at Dh5.5 billion in the week ending July 15, data from the Dubai Land Department showed.

The emirate recorded 1,614 transactions, including 186 plots that were sold for Dh594.72 million, and 1,004 apartments and villas that were sold for Dh2.43 billion.

The DLD weekly report said the top transactions were a land in Ras Al Khor Industrial First sold for Dh32.91 million, followed by a land that was sold for Dh19.41 million in Al Merkadh.

Al Hebiah Fifth recorded 105 sales transactions, the most this week, valued at Dh262.43 million, followed by Jabal Ali First with 35 sales transactions worth Dh101.75 million, and Al Yufrah 2 with 12 sales transactions worth Dh15 million.

In terms of apartments and villa transfers, an apartment was sold for Dh317 million in the Burj Khalifa, while another was sold for Dh240 million in Al Wasl, and a third for Dh191 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was Dh2.06 billion.

Sharjah scores big

In Sharjah, a total of 747 real estate sales transactions in 106 areas took place in June, valued at a total of Dh1.9 billion, data from the Sharjah Real Estate Registration Department showed.

The figures include 358 mortgage transactions worth Dh764 million.

Abdulaziz Ahmed Al Shamsi, Director General of SRERD, said: “Despite being impacted by the global economic conditions since last February, the sector has maintained an upward momentum in growth and a positive recovery pace. It has benefited from the increased appetite of investors to conduct real estate transactions. Companies and individuals seek to invest in real estate as it is a safe haven for capital and an ideal way to achieve a decent lifestyle.”

“These results are in line with the strategic vision of the Emirate of Sharjah in the areas of economic and social development, enhancing financial sustainability, stimulating the macroeconomy, and providing adequate housing for citizens and residents alike.”

The total transactions executed by the department during the past month stood at 2,521, including 747 selling transactions, representing 29.6 per cent of the total. Mortgage transactions amounted to 358, or 14.2 per cent, while the rest of the transactions represented 56.2 per cent, or 1,416.

The June real estate transactions in the emirate covered more than 6 million square feet and included residential, commercial, industrial, and agricultural lands.

According to the type of property, vacant land transactions amounted to 239 (32 per cent). In comparison, built lands amounted to 177 transactions (23.7 per cent), while the separated towers represented 331 transactions (44.3 per cent).