Over $1.4bln Properties Sold In Dubai in a Week

Buyers snapped up more than 1,500 residential properties in Dubai this week, bringing the total value of real estate deals in the emirate to AED5.3 billion ($1.4 billion). The Dubai Land Department recorded a total of 2,247 transactions during the week ending August 5.

The deals included 255 plots sold for AED1.24 billion, and 1,510 apartments and villas worth AED2.79 billion. Topping this week's deals, a piece of land in Hadaeq Sheikh Mohammed Bin Rashid was sold for AED106.57 million. Another piece of land in Island 2 was sold for AED90 million.

In Marsa Dubai, an apartment went to a buyer for AED375 million, while another unit in Business Bay was sold for AED329 million. This week also closed a transaction for an apartment in Burj Khalifa for AED246 million. Mortgaged properties for the week were valued at AED1.14 billion.