Dubai hits $2.1bn worth of property deals in the week ending on April 15

Originally published on Apr 19, 2022 | Arab News

Around 1,988 real estate transactions — with an accumulated worth of 7.8 billion dirhams ($2.12 billion) — have been conducted in Dubai in the week ending on April 15, 2022, WAM reported. 

An estimated 246 plots were sold for 1.49 billion dirhams, while 1,312 apartments and villas were sold for 2.96 billion dirhams, according to figures released by the Dubai Land Department.

In addition, a total of 66 land plots have been mortgaged for 1.07 billion dirhams. As for apartments and villas, 264 have been mortgaged, for 1.8 billion dirhams. 

A total of 80 properties, worth 497 million dirhams, were also granted to first-degree relatives.

Looking at the ready-made apartments — excluding hotel rooms and off-plan properties — the value of sales only (excluding mortgages and gifts) totaled 668 million dirhams. The total space of such properties amounted to 47,249 square meters.

The 2-bedroom apartments made the bulk of the sales value, totaling 270 million dirhams, followed by 3-bedroom 195.7 million dirhams, and 1-bedroom apartments 159.2 million dirhams.  Studios contributed 43.3 million dirhams to the total sales value of this property group.

The 1-bedroom apartments led in terms of the count of units sold — 178 compared to 145 for 2-bedrooms, 72 studios and 57 for 3-bedroom apartments.
According to data compiled by Arab News, in terms of pricing per square meter, the 1-bedroom apartments sold during the week were the most expensive — 3,689 dirhams on average. This compares with 3,553 dirhams for 2-bedroom and 1,764 dirhams for 3-bedroom apartments.  Studios were sold at 1,643 dirhams per square meter on average, while the space for an average studio stood at 45 square meters.