| 2 March 2024, Saturday |

Dubai records more than $690m in property transactions on first working Friday

The value of real estate transactions in Dubai on the first working Friday following the implementation of the UAE’s new weekly work schedule surpassed Dh2.53 billion ($690 million), according to the Dubai Media Office.

With 1,766 deals, the total amount of real estate transactions registered in the first week of the year topped Dh7.24 billion.

According to data from the Dubai Land Department, the first working Friday comprised 173 sales transactions totaling Dh2.38 billion, 12 of which were land parcels for Dh451.16 million and 161 were flats and villas worth Dh1.93 billion, the media office said in a statement on Friday.

On December 7, the UAE government announced a transition to a Monday-to-Friday work week, with ministerial level public sector personnel adopting a four-and-a-half-day working week, with Friday being a half day.

Private enterprises are allowed to choose whether or not to implement the new work week, although many have already committed to the change.

The UAE’s property market, the second-largest Arab economy, has achieved a significant comeback from the pandemic-driven recession, as the country’s economy strengthens as a result of fiscal and monetary measures.

Pent-up demand and improving investor optimism have also aided in driving property sales, notably in Dubai and Abu Dhabi, as economic activity has increased.

According to the emirate’s land department, there were 84,772 property sales for a total of Dh300 billion in Dubai last year.

Marsa Dubai had the largest value of land sales transactions on Friday, with Dh369m; Al Thanya Fifth, where a plot of land was sold for Dh28m; and The Palm Jumeirah, where a plot of land was sold for Dh17m.

On Friday, three sales transactions totaling Dh6 million were reported in Dubai’s Jebel Ali First neighborhood. It was followed by The Palm Jumeirah, which sold for Dh17 million, and Warsan First, which sold for Dh4 million.

The three highest-valued sales transactions involving transfers of apartments and villas were a Dh500m sale in The Palm Jumeirah, a Dh495m sale in Marsa Dubai, and a Dh402m sale in Marsa Dubai.

On Friday, Jebel Ali First had the most property and apartment sales transactions, totaling Dh18 million. Business Bay had 21 sales transactions (Dh25m) and Al Barsha South Fourth had 13 sales transactions (Dh16m), respectively.

According to a media office statement, the total amount of mortgage transactions completed on Friday was Dh125.03m. The largest mortgage deal, at Dh37 million, was recorded in Al Thanyah Fourth, followed by Nad Al Sheba Third (Dh11m).

Five properties totaling Dh19.16 million were given to immediate family members. The highest value, Dh12 million, was recorded at Al Merkadh.

  • The National News