Dubai real estate repossession: weekly real estate transactions increase to $ 1.9 billion

Dubai’s real estate and real estate transactions totaled $ 1.9 billion (AED 7.1 billion) out of 1,746 transactions during the week ending April 1.

In comparison, the number of transactions in the previous week was 1,131, for a total value of AED 3 billion.

The largest transaction involved land in Madinat Dubai Almelaheyah which sold for AED 212.6 million, followed by land to Hadaeq Sheikh Mohammed Bin Rashid which sold for AED 53 million. In third place was a piece of land in Madinat Dubai Almelaheyah which sold for AED 212.6 million.

Hadaeq Sheikh Mohammed Bin Rashid recorded the most transactions with 28, for a total of AED 223.92 million. Nad Al Shiba followed with 22, with a total value of AED 55.3 million, followed in turn by Al Hebiah with 8, with a total value of AED 26 million.

The three most expensive apartment sales were an AED 202 million unit in Palm Jumeirah, followed by AED 190 million for a property in Marsa Dubai and AED 188 million for an apartment in Burj Khalifa.

The sum of mortgages taken out on properties during the week was AED 4 billion, with the highest value being land in Marsa Dubai which was mortgaged for AED 2 billion.

Finally, 86 properties worth AED 193 million were transferred between first-degree relatives.

(Written by Imogen Lillywhite; edited by Seban Scaria)

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Disclaimer: This article is provided for informational purposes only. The Content does not provide any tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer here.

© ZAWYA 2021

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