Dubai records more than $690m in property transactions on first working Friday

UAE federal government announced shift to Monday-to-Friday working week on December 7

Last year, there were 84,772 property transactions worth Dh300 billion in Dubai. Reuters

The value of property transactions in Dubai on the first Friday of the new working week in the UAE stood at more than Dh2.53 billion ($690 million), with 227 transactions.

The total value of property transactions recorded in the first week of the year surpassed Dh7.24bn, with 1,766 transactions, the Dubai Media Office said.

Data from the Dubai Land Department showed that the first working Friday included 173 sales transactions worth Dh2.38bn – 12 of which were land plots worth Dh451.16m and 161 were apartments and villas valued at Dh1.93bn, officials said on Friday.

The UAE government announced the shift to a Monday-Friday working week on December 7. Public sector workers at the ministerial level have moved to a four-and-half-day working week, with Friday being a half day.

Private companies are free to decide whether they will adopt the new working week but many businesses have already committed to the switch.

The property market in the UAE, the second-largest Arab economy, has made a strong recovery from the pandemic-driven slowdown on the back of the government's fiscal and monetary measures.

Pent-up demand and improved investor sentiment have also helped to drive property sales, particularly in Dubai and Abu Dhabi, amid the pick-up in economic activity.

Last year, there were 84,772 property transactions worth Dh300bn in Dubai, the emirate's land department reported.

The top three areas that recorded the highest value of land sales transactions on Friday were Marsa Dubai, with land sales worth Dh369m, Al Thanya Fifth, where a plot of land was sold for Dh28m, and The Palm Jumeirah, where a plot of land went for Dh17m.

Dubai’s Jebel Ali First area recorded the highest number of transactions on Friday, with three sales transactions worth Dh6m. It was followed by The Palm Jumeirah, with a Dh17m sales transaction, and Warsan First, with a Dh4m sales transaction.

The three highest-valued sales transactions involving transfers of apartments and villas included a Dh500m transaction in The Palm, followed by a Dh495m transaction in Marsa Dubai and a Dh402m deal, also in Marsa Dubai.

Jebel Ali First had the most villa and apartment sales transactions on Friday, with 23 transactions worth Dh18m. Business Bay and Al Barsha South Fourth recorded 21 sales transactions (Dh25m) and 13 sales transactions (Dh16m), respectively.

The total value of mortgage transactions concluded on Friday was Dh125.03m, the media office said. The biggest mortgage transaction was registered in Al Thanya Fourth, with a value of Dh37m, followed by Nad Al Sheba Third at Dh11m.

Five properties worth Dh19.16m were granted to immediate family members. Among these, the highest value of Dh12m was registered in Al Merkadh.