2nd most valuable recorded land transaction for Oct 12th recorded in Palm Jumeriah
Last week, the value of Dubai’s land transactions reached Dh1.66 billion. Sales exceeded DH921.56 million. There were 63 sale transactions last week. The most valuable was a plot of land in Al Muraqqabat, which sold for Dh45 million.
The Palm Jumeirah had the highest turnover by value: Dh58.1 million. Right behind Palm Jumeirah was Jebel Ali, Dh57.73. Al Barsha came in third at Dh51.61 million.
There were also Dh574.5 million in 61 mortgages registered. One was for Dh300 million in Jumeirah. The Trade Center area also had one for Dh84 million. 290 sales transactions were registered in freehold areas. Two hundred and seventy eight were for apartments and 12 were for villas. Thirty-six mortgages were also registered on apartments and villas.
Is this a sign that the economic crisis is dwindling? Many experts believe this is only a slight reprieve and that many sales and mortgage values will continue to drop in the next few months. However, apartment and office rents appear to have stabilized, but this is also a result of a greater supply.
