RECORD BREAKING: How did Dubai’s real estate perform in the first week of July?

If you’ve been tuning into Dubai’s property market on Katch up with Kash, you might have caught wind of the incredible deals taking place in this city on a daily basis.

From a AED 220 million penthouse being recorded the most expensive penthouse sold, to a AED 410 million penthouse selling in the same week setting another record - Dubai is pretty good at setting the bar high.

And it comes as no doubt when we tell you that the first week of July 2023 has performed incredibly with MASSIVE numbers.

In one week of the month ringing in, Dubai’s property market recorded AED 13.7 billion in property sales transactions and saw two days straight of the $1 billion mark being hit on the transactions front.

Impressive? It gets better…

According to Dubai Land Department data, there were a total of 3,422 transactions taking place in the market last week with 323 plots sold for AED 3.33bn ($907m) and 2,237 apartments and villas sold for AED5.37bn ($1.5bn) with 196 properties granted between first-degree relatives worth AED2bn ($544.5).

With mortgages properties for the week standing at AED3.02bn ($822m), and the highest mortgage being a land in Madinat Hind 1, mortgaged for AED2bn ($544.5m).

The top three transfers for apartments and villas were an apartment sold for AED420m ($114m) in Umm Suqeim Third, an apartment sold for AED55m ($15m) in Palm Jumeirah, and an apartment sold for AED46m ($12.5m) in Za’abeel First.

The top performing communities in the first week of July are:

Jumeirah Village Circle - 260 sales transactions with a sales value of AED 216 million

Mohammed Bin Rashid City - 222 sales transactions with a sales value of AED 224 million

Business Bay - 183 sales transactions with a sales value of AED 370 million

Dubai Marina - 143 sales transactions with a sales value of AED 528 million

Jumeirah Lake Towers - 130 sales transactions with a sales value of AED 193 million

These records broken are set to be trumped - that’s what we think, what about you?

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