Apartment sales in Burj Khalifa and villa sales on Palm Jumeirah have laid a solid foundation for the Dubai's property market development in 2017.
The year start was highly successful for the Dubai real estate market. In just two first weeks of the new year Dubai Land Department registered quite a number of major property transactions in the emirate, both for freehold and non-freehold units, worth a total of AED12 billion (USD3.5 billion).
As always, premium property transactions topped the list of all sales deals made during the mentioned period. Just two apartments sold in the world's tallest tower Burj Khalifa brought about AED 30 million to Dubai developers’ budget (AED12mln and AED18mln, respectively). Another sale of the luxury mansion on the man-made island of Palm Jumeirah added AED 10.5 million more.
Additionally, in two weeks of January, 520 land plots were sold in Dubai amounting to AED 7.5 billion and promising a new influx of real estate units to the market in the near future. The largest transactions during the period were also registered for building plots — one in Zabeel 2 area (worth AED584 million), and two more deals in Al Markaz Al Tujari 2 and Jebel Ali areas worth AED 435 million and AED 114 million, respectively. Whole ready-made buildings for production facilities and commercial enterprises accommodation in the peripheral areas of Jebel Ali and Al Quoz were also in great demand, which indicates that these locations are currently on the rise.