Land transactions in Dubai top Dhs1.60bn

A total of 62 sale transactions were registered with the Department by the end of the week, the most valuable of which was a plot in Marsa Dubai that was sold for Dhs42.8m. The next two most prominent sales saw a second plot in Emirates Hills Third acquired for the sum of Dhs30m and another in Emirates Hills Third for Dhs13.5m.

The Ranches area was the most active in terms of the week's sales, with some 17 transactions. Emirates Hills Third followed it with 7 sales.

During the period, Emirates Hills Third recorded the highest turnover by value, at Dhs70.77m, followed by the Ranches area, Dhs57.22m, and Marsa Dubai area, Dhs42.8m.

The biggest area sold was the 39976 sq ft in the Dubai Industrial City First area, which went for Dhs5.76m. A 32599.28 sq ft plot in the Emirates Hills Third Area was acquired for Dhs6.03m, while 32599.28 sq ft of Emirates Hills Third was disposed of for Dhs30m.

During the period under review 88 mortgages worth Dhs393.68m were registered, the most significant of which as the Dhs100m for an area at Emirates Hills First. There was another for Dhs52.5m on an area in Al Safouh Third.

Apartments and villas in freehold areas witnessed the registration of 649 sales transaction out of which 617 were for apartments for a total of Dhs450.21m and 32 for villas at a total sum of Dhs41.53m.

A total of 55 mortgages for Dhs69.86m were registered on villas and apartments.