Dubai's real estate market is getting as hot as the weather outside. Real estate and property transactions for the week ending last Friday totaled $2.9b, a record high according to the Dubai Land Department. The record followed last month's total real estate sales of $6.1b, a 13-year high.
2,509 total transactions took place, including 263 land plot sales and 1,716 apartment sales.
Some very nice apartments changed hands last week. The most expensive was an apartment in Palm Jumeirah that sold for $172m, followed by another in the Burj Khalifa that sold for $95m. The popular residential community Al Hebiah Fifth saw the most activity with 130 transactions totaling $89m. Jabal Ali First came in second place with 32 transactions totaling $25m.
Why it matters
The surge in Dubai's property market has been driven by successful reforms and initiatives from the government. Just last month, Dubai was named the most transparent property market in the MENA region and now ranks 31st overall globally.
