Top Property Sale in Dubai as it Exceed $6bn in 2022

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According to reports, real estate sales in Dubai totaled Dh10.9 billion for the week ending July 22, 2022. During this time, there were a total of 2,509 transactions.

During the week, 263 plots were sold for Dh1.46 billion, while 1,716 flats and villas were sold for Dh3.67 billion, according to Dubai Land Department figures. According to the weekly report, the top three transactions were land in the Burj Khalifa area that sold for Dh167.09 million, a property in Al Barsha First that sold for Dh70.6 million, and another land in the Burj Khalifa area that sold for Dh167.09 million in third place.

According to global real estate firm Knight Frank, top residential prices in Dubai have increased by 58.9 percent in the previous 12 months, spanning Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island.

According to Knight Frank’s estimate, housing prices in Dubai jumped 10.6 percent last year and another 2.6 percent in the first three months of 2022.

This week, Al Hebiah Fifth had the most transactions with 130 sales transactions for Dh328.15 million, followed by Jebel Ali First with 32 sales transactions worth Dh92.67 million and Al Yufrah 2 in the third position with 24 sales transactions worth Dh28 million.

The top three transfers for apartments and villas were a Palm Jumeirah apartment that went for Dh632 million, a Burj Khalifa apartment that sold for Dh352 million, and a Marsa Dubai apartment that sold for Dh314 million.

The Top Areas

Jumeirah had the highest average sales rate per square foot in the flats sector of the market, at Dh2,079, while Palm Jumeirah had the highest average sales rate per square foot in the villas portion of the market, at Dh3,365.

In the year to June 2022, average rentals climbed by 21.7 percent, with average apartment and villa rents increasing by 21.2 percent and 24.7 percent, respectively. The average apartment and villa rents in June 2022 were Dh85,294 and Dh255,437 per year, respectively.

The highest average yearly apartment and villa rates in the rental market were found in Palm Jumeirah, where asking prices were Dh218,413, and Al Barari, where asking rents averaged Dh889,225.

Abu Dhabi is Going Strong

According to the latest data issued by the Department of Municipalities and Transport (DMT), Abu Dhabi’s real estate market maintained growth in the first six months of the year, with 7,474 property sales totaling more than Dh22.51 billion.

According to the department’s semi-annual report, all types of land, buildings, and real estate were acquired, sold, and mortgaged.

According to DMT’s real estate trade index, 3,568 real estates buy and sell transactions totaling Dh8.9 billion and 3,906 mortgage transactions totaling Dh13.61 billion have occurred.

Yas Island topped the list with Dh1.8 billion in transactions, followed by Al Saadiyat Island with Dh1.2 billion in sales. Al Shamkha came in third with Dh1 billion, Al Reem Island arrived in fourth with Dh872 million, and Khalifa City came in fifth with Dh310 million.

Sharjah Cclocks Dh1.9 a Billion Sales

According to a report by the Sharjah Real Estate Registration Department, 747 real estate sales transactions in 106 locations were completed in June, with a total value of Dh1.9 billion and a total size of more than 6 million square feet (SRERD).

358 mortgage deals totaling Dh764 million are included in the data.

According to the research, investors from the UAE, the GCC, and throughout the world have continued to bolster the emirate’s real estate industry.

“”As we reach the second half of 2022, we anticipate considerable investment possibilities, particularly with the introduction of numerous major projects that will enhance Abu Dhabi’s real estate market,”” Al Afifi continued.

Early in July, the DMT announced plans to renovate Al Bateen Ladies Beach, while in that month, Abu Dhabi’s DoE signed an agreement to work on energy potential with Colombia’s Ministry of Mines and Energy.

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