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Dubai property market sees $2.9bn of real estate transactions this week

Dubai property sales this week include Palm Jumeirah apartment and Burj Khalifa home

Dubai real estate palm jumeirah

Dubai property and real estate transactions reached almost $10.5bn ($2.9bn) in the week ending August 18.

According to Dubai Land Department data there were a total of 3,751 transactions.

This week there were AED1.2bn ($327m) of land sales and 2,782 apartments and villas sold for AED6.86bn ($1.9bn).

Dubai property sales

The top three transactions for land were a plot in Al Barshaa South Third sold for AED140m ($38m), land in Palm Jumeirah sold for AED106m ($29m), and a plot sold for AED91m ($25m) in Al Hebiah Fourth.

Madinat Hind 4 recorded the most transactions for this week, with 21 sales transactions worth AED28.86m ($7.9m).

It was followed by Al Hebiah Fifth with 20 sales transactions worth AED51.65m ($14.1m) and Jebel Ali First with 13 sales transactions worth AED80m ($21.8m).

The top three transfers for apartments and villas were an apartment sold for AED112m ($30.5m) in Palm Jumeirah, an apartment in Zabeel First sold for AED59m ($16.1m) and an apartment in the Burj Khalifa sold for AED57m ($15.5m).

The sum of mortgaged properties for the week was AED1.99bn ($542m), with the highest being for land in Business Bay mortgaged for AED350m ($95m).

109 properties were granted between first-degree relatives worth AED438m ($119m).

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