Data published by the Dubai Land Department (DLD) suggest the value of property transactions hit AED9.2bn, equivalent to $2.5bn, in the week to 16 December.

The data points to 2,882 real estate transactions, including land and property units such as villas and apartments, as reported in local media Zawya and Gulf Today.

The Palms continue to set the pace. A land transactions in Palm Deira reportedly wend for AED47.28m ($12.9m), while apartments and villas in Palm Jumeirah went for AED61m and AED59m ($16.6m and$16m).