Dubai Real Estate Transactions Department revealed that the Dubai real estate market this week set a new record, with real estate transactions exceeding AED 22.7 billion, through 4955 transactions, becoming the highest weekly value recorded in the market's history. The rise was the result of several factors, most notably the increase in the value of mortgages, which witnessed a remarkable rise as the pace of interest rate cuts accelerated in the market. The weekly transactions surpassed the previous peak of AED 21.4 billion recorded in early October. <Of these transactions, total real estate sales this week amounted to AED 12.8 billion, with more than 4,024 sales recorded, while the total value of mortgage transactions reached AED 9.1 billion through 779 transactions. The Land Department also recorded 152 endowment transactions worth AED 833 million.
<In terms of the type of transactions, land sales were distributed over 688 sales, while residential units witnessed 3011 sales, and 325 buildings were sold. As for mortgages, 236 plots of land, 613 residential units and 79 buildings were mortgaged. <In terms of the most active areas of the market, Dubai Industrial City topped the sales list with AED 803 million, followed by Business Bay with AED 753 million and Palm Jebel Ali with AED 664 million. Areas such as Airport City and Palm Jumeirah also saw notable deals, amounting to AED 662 million and AED 494 million respectively. Some of the most notable deals in the market this week included the sale of a plot of land in the First Commercial Center area for AED 445 million, as well as the sale of another plot of land in Al Rasha Heights for AED 151 million, in addition to the sale of a residential apartment in Palm Jumeirah for AED 43 million.
In terms of mortgages, a commercial land in Business Bay was mortgaged for AED 523 million, in addition to other mortgages for residential and commercial land in the same area and in the Riffa area.
