The Dubai property market has shown some astonishing sales results over the past few weeks, with AED 11.3B (USD 3B) worth of transactions recorded during the October 24th-28th week alone. On top of that, on Monday, October 31, property deals hit another record high of AED 3.8B (USD 1.034B).

According to the figures revealed by the DLD (Dubai Land Department), these encompassed a total of 625 sales transactions of AED 1.67B (USD 454.6M), 101 mortgage deals worth AED 276.37M (USD 75.2M), as well as 23 gift deals constituting AED 1.94M (USD 528M). The sales in particular, included 551 apartments and villas valued at AED 1.22B (USD 322.1M) and 74 land plots worth AED 452.11M (USD 123M). At the same time, mortgages were represented by 88 apartments and villas for AED 255.91M (USD 69.67M) and 13 land plots priced at AED 20.46M (USD 5.5M).

Last week Jebel Ali First was leading in terms of land sales transactions, whilst the highest number of apartment and villa sales took place in Business Bay. It is worth noting that Business Bay has recently witnessed the exciting launch of Peninsula Four, The Plaza, which is the sixth phase of the highly popular Peninsula master community by Select Group.

The top 3 land transactions during the previous week were a land plot in Palm Jumeirah worth AED 300M (USD 81.6M), a land plot worth AED 130M (USD 35.93M) on Island 2 and an AED 86M (USD 23.4M) plot on World Islands. Jebel Ali ranked first in terms of land transactions with 105 sales deals amounting to AED 353M (USD 96.1M), with Mohammed bin Rashid Gardens totalling 29 transactions priced at AED 634M (USD 172.6M), and Al Mamzar with 23 deals worth AED 166M (USD 45.19M), following a close 2nd and 3rd.

The 3 largest apartment and villa transactions during last week were sealed in Palm Jumeirah for AED 60M (USD 16.3M), in Umm Suqeim Third – AED 49M (USD 13.34M) and in Me’aisem First – AED 45M (USD 12.35M). Business Bay, meanwhile, witnessed the highest number of transactions of 269 worth AED 449M (USD 122.2M), while Dubai Marina and Barsha South Fourth followed the lead with 241 transactions priced at AED 939M (USD 255.6M) and 170 deals of AED 143M (USD 38.9M) respectively.