Dubai real estate: $55 million Palm Jumeirah home sold last week, part of $1.6 billion in real estate spending

1,892 sales are recorded in the Dubai real estate market, including a large Palm Jumeirah villa. According to data from the Dubai Land Department, the real estate market in Dubai saw transactions worth more than AED6bn ($1.6bn) overall for the week ending September 8. 1,892 transactions totaled, including a hefty AED202 million ($55 million) for a home on the Palm Jumeirah.

1,740 flats and villas were sold for AED4.04 billion ($1.2 billion), while 152 land plots went for AED843.57 million ($230 million).

REAL ESTATE TRANSACTIONS HIGHLIGHT

The top three land deals involved the sale of a plot in Al Thanayah Fourth for AED58.63m ($16m), a piece of property in Al Satwa for AED58.25m ($16m), and a plot in Wadi Al Safa for AED42m ($11m).

With 48 sales transactions totaling AED155.18 million ($42 million), Al Hebiah Fifth had the most transactions this week, followed by Madinat Al Mataar with 20 transactions totaling AED66.12 million ($18 million) and Madinat Hind 4 with 14 transactions totaling AED18.68 million ($5.1 million).

For flats and villas, the top three transfers were:

A Palm Jumeirah house sells for AED202m ($55m)
In Business Bay, a house sold for AED132.03m ($36m).
In Palm Jumeirah, a house sold for AED102m ($28m).
The total value of mortgaged properties for the week came to AED959.92m ($261m), with a land in Al Safouh Second having the highest mortgage of AED200m ($54m).

AED192 million ($52 million) worth of 79 properties were distributed among first-degree relatives.