The Most Significant Land Deals Last Week Were Likewise In The Burj Khalifa Neighborhood
According to statistics, Top Dubai Property Sales totaled Dh10.9 billion for the week ending July 22, 2022. 2,509 transactions, in all, were made during this time. Data from the Dubai Land Department shows that during the last week. 263 plots were sold for Dh1.46 billion and 1,716 flats and villas were sold for Dh3.67 billion.
According to the weekly report, the top three transactions were a land sale in the Burj Khalifa area for Dh167.09 million. A property sale in Al Barsha First for Dh70.6 million, and a third land sale in Burj Khalifa region for Dh167.09 million.
With 130 sales transactions totaling Dh328.15 million, Al Hebiah Fifth recorded the most transactions for the week. Jebel Ali First came in second with 32 sales transactions totaling Dh92.67 million. While Al Yufrah 2 came in third with 24 sales transactions totaling Dh28 million.
The top three transfers for apartments and villas were an apartment in Palm Jumeirah that went for Dh632 million, an apartment in Burj Khalifa that went for Dh352 million, and an apartment in Marsa Dubai that went for Dh314 million. The total value of mortgaged properties for the week was Dh5.09 billion, with a land in Al Satwa receiving the highest mortgage payment of Dh96 million. Up to 119 properties worth dh720 million were distributed to first-degree relatives.
The overall number of transactions in Dubai’s residential market in June increased by 33.3% year over year to 7,941. Off-plan sales rose by 46.7% during this time, while secondary market sales rose by 24.4%. Overall number of transactions from the start of the year to June 2022 was 38,901, which is most since 2009. Over the course of the year ending in June 2022, average prices rose by 10.1%. Average villa prices rose by 19.3% throughout this time, while average apartment prices rose by 8.7%.
In Top Dubai Property Sales, the average price of a villa was Dh1,324 and the average price of an apartment was Dh1,103 as of June 2022. These prices per square foot are 25.8% and 8.33% less than the peak for apartments and villas, respectively. Than the highs seen in late 2014.
Jumeirah earned the highest average sales rate per square foot in the market segment for flats at Dh2,079. While Palm Jumeirah recorded the highest average sales rate per square foot in the market segment for villas at Dh3,365.
The average rent climbed by 21.7% over the course of a year. With average rentals for apartments and villas rising by 21.2% and 24.7%, respectively. The average annual rent for a flat was Dh85,294 and for a villa was Dh255,437 as of June 2022.
In the rental market, Palm Jumeirah and Al Barari had the highest average yearly rates for apartments and villas. With average asking prices of Dh218,413 and Dh889,225, respectively.
Abu Dhabi Is Still Operating
According to the Department of Municipalities and Transport’s (DMT) most recent report, investor optimism continued to fuel development in Abu Dhabi’s real estate sector. Which saw 7,474 property transactions totaling more than Dh22.51 billion in the first half of the year. According to the department’s half-yearly report, various types of land, structures, and real estate bought, sold, and mortgaged. 3568 real estate purchases and sales totaling Dh8.9 billion and 3906 mortgage transactions worth Dh13.61 billion are recorded in the DMT’s real estate trading index.
Al Saadiyat Island came in second with sales worth Dh1.2 billion. While Yas Island came out on top with transactions totaling Dh1.8 billion. Al Shamkha finished third with Dh1 billion, Al Reem Island finished fourth with Dh872 million. In addition, The Khalifa City took fifth place with Dh310 million.
Sharjah Records Sales Of Dh1.9 Billion
According to a report by the Sharjah Real Estate Registration Department, a total of 747 real estate sales transactions in 106 regions were completed in Sharjah in June. With a total, value of Dh1.9 billion and a total area surpassing 6 million square feet (SRERD). 358 mortgage transactions totaling Dh764 million are included in the statistics.