Dubai's real estate market recorded a record deal on Wednesday for the sale of two plots of land worth 38.1 billion dirhams in the Al Yara 1 area. According to data from the Dubai Land Department, the total area of the land is approximately 37.49 million square feet at a price of 101.38 dirhams per square foot. The property market in Dubai saw 868 transactions executed yesterday, totaling 65.8 billion dirhams, distributed across 756 residential units, 59 buildings, and 52 land plots. Dubai is experiencing a land sales boom, with transactions worth 230.4 billion dirhams recorded in the first 10 months of this year across 22,830 deals. Mortgages, on the other hand, recorded 184 transactions worth 34.4 billion dirhams, comprising 103 residential units, 23 buildings, and 58 plots. Gifts totaled 28 transactions worth 894.3 million dirhams, including 20 residential units and 8 land plots. Additionally, a land plot in the Al Yara 1 area, covering 37.48 million square feet for commercial use, was mortgaged for 3 billion dirhams at a rate of 80.03 dirhams per square foot. Consequently, the total value of real estate transactions in Dubai yesterday reached approximately 101 billion dirhams through 1,080 deals. Dubai's real estate sales have hit an all-time high of 639.45 billion dirhams since the beginning of the year, driven by sustained momentum and rising local and foreign demand, reinforcing the emirate's status as a leading global investment hub. Since the start of December, Dubai's property sales have amounted to about 21.8 billion dirhams through 5,682 transactions, including 4,928 residential units, 392 buildings, and 362 land plots. The combined area of the two commercial land plots is 37.5 million square feet, averaging 101.4 dirhams per square foot. By mid-Wednesday, the emirate's sales reached around 60.7 billion dirhams from 773 deals, mortgages totaled 33.7 billion dirhams from 152 transactions, and gifts amounted to 505 million dirhams from 25 deals. Thus, real estate dealings in Dubai reached 100 billion dirhams by mid-week through 950 transactions.
