The photo has been used for illustrative purpose.
Inayat-ur-Rahman, Deputy Business Editor
According to the real estate bulletin issued by Dubai Land Department (DLD) under the name ‘Real Estate Updates,’ 3,036 new investors entered the market in January and February 2021, representing 62% of the total number of investors during the same period.
The bulletin highlighted 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. This 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 AED 14 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% of which were new contracts, and 43% were renewed contracts. Seven new projects were also registered during the same period.
The bulletin also shows that January 2021 achieved a record number of mortgages, with 3,007 mortgages, representing the highest number of mortgages in just one month. The value of mortgages set a new record with a value reaching AED 20.9 billion, the highest since October 2016. January 2021 also recorded the highest number of real estate transactions since March 2017, with 6,638 real estate transactions, valued at AED 29.4 billion, the highest since January 2018.
The bulletin highlighted the top five areas for investor attractiveness. In villa sales, Nad Al Sheba topped the list in January 2021, followed by Hadaeq Sheikh Mohammed Bin Rashid, Wadi Al Safa 5, Al Yelayiss 1, and Jumeirah 1. Hadaeq Sheikh Mohammed Bin Rashid, Dubai Investment Park 1, Wadi Al Safa 7, Al Thanyah Fourth, and Wadi Al Safa 5 topped the list in February 2021.
In apartment sales, Dubai Marina, Business Bay, Palm Jumeirah, Burj Khalifa, and Al Thanyah Fifth topped the list in January 2021, whereas Dubai Marina, Business Bay, Palm Jumeirah, Burj Khalifa, and Al Merkadh topped the list in February 2021.
Muhammad Binghatti, CEO, Binghatti Developers told Gulf Today that the real estate sector in Dubai is stimulating the appetite of investors with the improvement of many factors supporting the demand side with the approaching of Dubai Expo in October 2021.
Binghatti Developers boosted their prominence with the hand over of the second phase of the "Binghatti Avenue" about one year ahead of the deadline.
"The early hand over is an additional achievement that is credited to the company, its ability to implement and its commitment to schedule,” Binghatti concluded.
Nakheel has now sold 205 villas at the Nad Al Sheba community, where a retail and recreation centre is due to open in Q1 2021, the company revealed in a statement.
Data from Dubai Land Department (DLD) showed that the first working Friday witnessed 173 sales transactions worth Dhs2.38 billion, 12 of which were plots of land worth Dhs451.16 million and 161 were apartments and villas worth Dhs1.93 billion.
The only other period that saw higher transaction volumes was in the second and third quarters of 2009, when the ownership of about 33,000 and 23,000 properties were changed hands, respectively, said Taimur Khan, head of research at CBRE.
The top three transactions were a land in Madinat Dubai Almelaheyah sold for Dhs212.6 million, followed by a land that was sold for Dhs53 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs212.6 million in Madinat Dubai Almelaheyah in third place.
The winners of this competition will be rewarded in cash, with the first-place winner receiving Dhs50,000, the second-place winner Dhs30,000, and the third-place winner walking away with Dhs20,000.
Commenting on the recent agreement forged at the G20 meet to link Middle East countries by railway and connect them to India through seaports, Bin Sulayem stressed that the ultimate objective was to expedite the delivery of goods and introduce new alternative routes.
The UAE economy is forecast to grow 3 per cent in 2023 and 4 per cent in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism,
This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.