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Dubai: The total value of land transactions in Dubai last week reached Dh9.65 billion, of which sales exceeded Dh3.14 billion, according to the Land Department.
The total value of mortgages during the period was Dh6.51 billion.
Sultan Butti Bin Mijren, director-general of the Land Department, attributed this to the department's new services and the opening up of new land banks for transactions.
"The opening of new areas in the emirate for development has opened the doors for new investment opportunities, especially with the land department creating new services to match the needs of the sector," he said.
A total of 196 sale transactions were registered with the department by the end of the week, the most valuable of which was a plot on Shaikh Zayed Road that was sold for Dh180 million. The next two most prominent sales saw a second plot on the World Islands acquired for Dh175 million and another in Naif for Dh55 million. The Al Khawaneej-3 area was the most active in terms of the week's sales, with some 87 transactions. Palm Jumeirah followed with 14 sales.
During the period, Al Khawaneej-3 recorded the highest turnover by value at Dh1.57 billion. This was followed by the Shaikh Zayed Road area with Dh214.84 million, and the World Islands area with Dh175 million.
The largest area sold was 1.86 million square feet in the World Islands area, which sold for Dh175 million. A 150,028 square foot plot in the Shaikh Zayed Road area was acquired for Dh180 million, while 51530.03 square feet in Nad Al Sheba was sold for Dh7.73 million.
Last week. 59 mortgages worth Dh6,261.8 million were registered, the most significant of which was Dh510 million for an area in Jebel Ali. There was another mortgage worth Dh150 million on an area in Al Mina.
A total of 43 mortgages for Dh52.94 million were registered for villas and apartments.
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