Dubai’s real estate deals reach Dhs5.1 billion

The real estate and properties transactions valued at 5.1 billion in total during the week ending April,8, 2021, according to Dubai Land Department (DLD).

The DLD weekly real estate report said the sum of transactions was 1,379.

89 plots were sold for Dhs512.58 million, 874 apartments and villas were sold for Dhs2.35 billion.

The top three transactions were a land in Saih Shuaib 3 sold for Dhs62.49 million, followed by a land that was sold for Dhs50 million in Al Thanayah Fourth, and a land sold for Dhs62.49 million in Saih Shuaib 3 in third place.

Al Hebiah Third recorded the most transactions for this week by 20 sales transactions worth Dhs44.97 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 12 sales transactions worth Dhs117.9 million, and Nad Al Shiba Third with 10 sales transactions worth Dhs26 million in third place.

The top three transfers for apartments and villas were a was sold for Dhs624 million in Um Ramool, an apartment was second in the list sold for Dhs305 million in Marsa Dubai, and thirdly it was an apartment sold for Dhs135 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was 2 billion, with the highest being a land in Al Barshaa South Second, mortgaged for Dhs419 million. 66 properties were granted between first-degree relatives worth Dhs143 million.

Dubai Land Department has recently released the findings of its real estate bulletin, which reflected the flexibility of Dubai’s real estate sector since the beginning of 2021 and its adaptation to the current circumstances related to the outbreak of COVID-19.

According to the real estate bulletin, titled, ‘Real Estate Updates,’ 3,036 new investors entered the market in January and February 2021, representing 62 per cent of the total number of investors during the same period.

The resilient nature of the sector in Dubai has boosted the trust of local and international investors in the emirate’s real estate environment and contributed to the continuity of the flow of real estate investments from the outset of the year, reaching Dhs14 billion by the end of February 2021.

The bulletin also revealed many other vital indicators of Dubai’s real estate market, whereby 96,396 Ejari contracts were recorded in January and February 2021, 57 percent of which were new contracts, and 43 percent were renewed contracts. Seven new projects were also registered during the same period.

EMAAR PERFORMANCE: Emaar Development held its Annual General Meeting (AGM) on Thursday. Its Board of Directors reflected on the company’s 2020 durable performance and resilience during challenging times.

The Board of Directors also expressed their commitment to delivering high-quality homes to its customers and despite the Covid-19 pandemic will continue to progress at speed for its upcoming master developments.

During the Annual General Meeting, the report by the Board of Directors on the activities and financial position of the company, and the Auditor’s report were also approved.  

Emaar Development reported property sales of Dhs6.308 billion ($1.717 billion) and with a net profit of Dhs1.657 billion ($451 million) for 2020. Emaar continues to maintain a healthy sales backlog of Dhs24.605 billion ($6.699 billion) to be recognised in the coming years.

Emaar Development has delivered approximately 4,800 residential units in 2020 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Arabian Ranches and Emaar South. As of December 2020, Emaar has delivered more than 47,000 residential units, with over 26,000 residences currently under development in the UAE.

Emaar Development is expected to deliver over 6,000 residential units in 2021 across various masterplans mainly in Dubai Creek Harbour, Dubai Hills Estate and Downtown Dubai.

Recognising Emaar Development’s resilient performance despite the impact of the Covid-19 pandemic and its effect on companies globally, Mohamed Alabbar, Founder, Emaar Properties, said: “Emaar Development remains committed to its projects’ delivery timeframes and we are working diligently to continue to go above and beyond expectations. Thanks to the strength and commitment of our shareholders, management, and staff we have continued to remain profitable despite the global challenges.”

Alabbar added, “We are optimistic that 2021 will see market conditions continue to gradually improve, and Emaar Development is dedicated to driving its key projects at optimal speed through digital innovation and by continually adopting future-forward concepts to deliver world-class developments.”

 WAM