Flurry of activity in Dubai property market
This week saw different aspects of Dubai’s property market come into focus to offer interesting insights.
About 2,145 real estate and property transactions worth AED6.3 billion were conducted in Dubai for the third week ending 22nd April, according to the Land Department of the Government of Dubai.
On a related note, a study has said luxury properties have dropped six percent in the first quarter of 2022, with an average price of prime property at Dh4.5 million. According to DLD data analysis, the emirate’s prime residential market saw a minimal surge in volume in Q1 2022 of 1.03 per cent at Dh17.28 billion compared to the previous quarter.
On the other spectrum of the price curve, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved a new housing package worth AED 6.3 billion for UAE citizens, WAM reported, ahead of the Eid celebrations.
This includes housing and land allotments for 4,610 Emiratis in the city, on the occasion of Eid al-Fitr and as part of the Housing Programme for Dubai Citizens, which aims to intensify development efforts and urban strategy in the emirate. Plan to develop a new housing complex in Al Khawaneej 2, including 1,100 residential villas, were also approved along with 3,500 plots in Umm Nahad 4 and Al Aweer.
The initiative reflects Sheikh Mohammed bin Rashid’s keenness to support Emiratis, to improve family stability, and to provide a decent life for them, in accordance with the social welfare system and quality of life that the UAE is committed to, while laying its foundations and enhancing its components for its citizens.
On the occasion, Sheikh Mohammed bin Rashid emphasised that the housing programmes and social services projects is a government priority that aims at meeting the needs of Emiratis and their families.
Meanwhile, the counter keeps ticking at the Dubai Land Department. With 9.2bn worth of transactions up to the second week, the volume has dipped only slightly compared to last month but is understandable considering it is in the midst of Ramadan.
Two hundred and twenty-five plots were sold for AED1.12 billion, and 1,436 apartments and villas were sold for AED3.2 billion, the DLD statement said.
The top transactions were a land sale in Hadaeq Sheikh Mohammed Bin Rashid for AED96 million, and another land that was sold for AED52.5 million in Palm Jumeirah.
Al Hebiah Fifth recorded the most transactions for this week with 114 sales worth AED254.57 million, followed by Jebel Ali First with 33 sales transactions worth AED143.55 million, and Wadi Al Safa 5 with 11 sales transactions worth AED49 million.
The top three apartment sales were an apartment sold for AED463 million in Marsa Dubai, another one sold for AED354 million in Burj Khalifa, and third one sold for AED284 million in Palm Jumeirah.
The sum of the amount of mortgaged properties for the week was AED1.74 billion, with the highest being a land in Nad Al Sheba Third, mortgaged for AED400 million.