The value of transactions in Dubai’s property market reached AED10.92 billion in the week ending Friday, October 23. A total of 3,717 transactions were recorded, including 2,467 sales worth AED6.97 billion, 1,001 mortgage transactions valued at AED2.56 billion and 249 gift transfers worth AED1.39 billion.

According to data from the Dubai Land Department, the transactions took place from Monday, October 19, to Friday, October 23, with property sales accounting for the largest share of the total value.

Of the total sales transactions, 2,071 involved residential units, 209 involved buildings and 187 involved land. Mortgage transactions included 624 residential units, 264 plots of land and 113 buildings.

Sales of completed properties reached AED4.09 billion across 921 transactions. By comparison, 1,546 off-plan properties were sold for AED2.87 billion. Off-plan properties therefore accounted for about 63 per cent of all sales transactions, although completed properties generated a higher sales value.

Al Ruwayyah First ranked as Dubai’s leading area by sales value, recording more than AED1.08 billion. It was followed by Business Bay with AED393.6 million, Palm Jumeirah with AED274.86 million, Al Hebiah Fifth with AED229.78 million and Al Yufrah First with AED208.1 million.

One of the week’s most notable deals was the sale of a plot of land in Al Ruwayyah First for about AED214 million. An off-plan residential apartment in Business Bay was also sold for AED46 million, while a completed office unit in Jumeirah Lakes Towers fetched AED43 million.

The total value of Dubai property transactions in the previous week, from October 12 to 16, stood at about AED13.47 billion. This means the latest weekly transaction value fell by nearly 19 per cent. The number of sales transactions also declined by about 8 per cent, from 2,676 to 2,467.

However, the decline in recorded transaction value does not necessarily indicate a fall in property prices, as the mix of transactions, the value of land sold and the number of high-value deals can affect the overall weekly total.