The value of transactions for land for sale in Dubai soared to AED5.64 billion today (July 20th), due in large part to a single mortgage on a plot at Al Ruwayyah, the Land Department has announced.
Although sales exceeded AED65 million and mortgages taken out on villas and apartments for sale in Dubai's freehold areas reached AED36.5 million, the overall value of transactions for the day rocketed with the completion of a AED5.52 billion mortgage on a plot at Al Ruwayyah.
Three sales were completed over the course of the day, with a plot at the Ranches changing hands for AED5.2 million, making it the largest sale of the day.
A plot in Al Goze Second also sold for AED 1 million, while another site at Al Warqa Fourth was signed off for around AED800,000.
"The biggest area sold was the 10346 sq ft in the Ranches area, which went for Dhs5.22m," said the Land Department.
With the completion of the multibillion-dirham mortgage, the value of transactions have exceeded the total totted up for the week ended July 10th, during which time AED1.73 billion worth of transactions were carried out.