Dubai: Dubai’s real estate market continued to be attractive to local and global investors in 2020, with the sector recording 51,414 transactions representing a value of over Dh175 billion, according to the annual transaction report issued by the Dubai Land Department (DLD).
The sector was able to achieve a high volume of transactions despite the global COVID-19 crisis and the accompanying precautionary measures that cast a direct shadow on various sectors, affecting individuals as well as public and private institutions and suspending various commercial activities and air traffic for several months.
The report revealed that real estate sales reached Dh72.5 billion with 35,423 transactions, while mortgages recorded 12,958 transactions with a total value exceeding Dh87.7 billion, and grants recorded 3,033 transactions worth over Dh15 billion.
The report also showed that Dubai attracted 31,648 new investors who concluded 41,571 investments worth over Dh73.2 billion.
“The data affirms Dubai’s robust investment environment and its ability to adapt to various circumstances, guided by the leadership’s strategic vision to strengthen the capabilities of the emirate’s real estate sector. The release of data on transactions in 2020 is aligned with our transparent approach to keep all stakeholders in the market, especially investors, informed and help them develop investment plans to benefit from the emirate’s investment climate,” said Sultan Butti bin Mejren, Director General of DLD.
There was strong demand for investment in Dubai’s real estate sector from GCC investors in 2020, with 6,704 investors recording 8,659 investments worth around Dh14.8 billion. Emiratis topped the list of GCC nationals, followed by Saudis, Kuwaitis, Omanis, and Bahrainis.
4,388 Arab investors registered 5,283 transactions worth a total value of about Dh7.5 billion. Jordanian investors took the lead, followed closely by Egyptian, Lebanese, Sudanese, and Algerian investors.
Indians topped the list of foreign investments, followed by the Chinese, British, Pakistanis, and French. Dubai’s real estate market attracted 19,757 foreign investors, who concluded 24,666 investments worth over Dh35.6 billion.
DLD’s statistics also revealed that 10,300 women concluded 11,723 investments worth over Dh15 billion. Indians also topped the list of nationalities investing in Dubai’s real estate market, followed by Emiratis. Coming in third was China, followed by KSA, UK, Pakistan, France, Russia, Jordan, and Egypt.
Areas that the recorded highest transactions
Dubai Marina topped the list of areas in terms of the number of transactions, followed by Al Barsha South Fourth, Business Bay, Burj Khalifa, Hadaeq Sheikh Mohammed Bin Rashid, Al Thanyah Fifth, Al Merkadh, Al Yelayiss 2, Al Hebiah Fourth, and Wadi Al Safa 5.
Jebal Ali First topped the list of areas in terms of the value of transactions, followed by Dubai Marina, Al Merkadh, Palm Jumeirah, Hadaeq Sheikh Mohammed Bin Rashid, Burj Khalifa, Business Bay, Al Barsha South Fourth, Al Thanyah Fourth, and Al Yelayiss 2.
Hadaeq Sheikh Mohammed Bin Rashid topped the list of areas in terms of the number of mortgages, followed by Al Yelayiss 2, Dubai Marina, Al Barsha South Fourth, Jabal Ali First, Burj Khalifa, Al Thanyah Fifth, Me’aisem First, Nad Al Sheba 3, and Al Thanyah Fourth.
Jebel Ali First topped the list of areas in terms of the value of mortgages, followed by Palm Jumeirah, Al Merkadh, Al Yelayiss 2, Nad Hessa, Hadaeq Sheikh Mohammed Bin Rashid, Business Bay, Dubai Marina, Al Barsha South Fourth, and Seih Al Dahl.
Bin Mejren concluded: “We have undoubtedly faced enormous challenges, but we were able to navigate the situation caused by the pandemic and respond effectively to government directives on community safety and public safety. Our Dubai REST application and website played a big role in maintaining market momentum by keeping communication channels open with all stakeholders and continuing to provide all services speedily and easily. The data revealed in this report is reassuring, and we expect continued growth this year, especially following the launch of the National Vaccination Programme and in the run up to Expo 2020 Dubai, the globally awaited event that will showcase Dubai’s capabilities and attractiveness to visitors.”
This content was taken from Gulf News: : https://gulfnews.com/business/property/dubai-records-51414-real-estate-transactions-worth-over-dh175-billion-in-2020-1.1612339006408