Photo used for illustrative purpose.
A total of 6,590 real estate transactions in Dubai were recorded in March 2021, valued at about Dhs22.9 billion, according to the real estate bulletin issued by Dubai Land Department (DLD) under the name ‘Real Estate Updates.’
The bulletin revealed a growth in number by 43 per cent and a growth in value by 40 per cent compared to March 2020. It also noted that March 2021 recorded the second highest number of real estate transactions since February 2017.
The bulletin showed that real estate transactions in Q1 2021 achieved a significant growth of 27 per cent and 47 per cent compared to Q1 2020 and Q1 2019, respectively.
The bulletin highlighted continued attractiveness of the real estate sector to new investors, as 5,683 new investors entered the market in Q1 2021, representing 64 percent of the total number of investors during the same period. The aforementioned figures revealed the continuity of achieving positive results in 2021, thereby continuing to enhance the trust of local and international investors in Dubai’s attractive and vibrant real estate environment.
The value of real estate brokerage commissions achieved by active real estate brokers in the real estate market reached Dhs392 million in Q1 2021, while 143,374 Ejari contracts were recorded in Q1 2021, 57 per cent of which were new contracts and 43 per cent were renewed.
The bulletin highlighted the top five areas for investor attractiveness. In villa sales, Hadaeq Sheikh Mohammed Bin Rashid topped the list in Q1 2021, followed by Wadi Al Safa 5, Wadi Al Safa 7, Nad Al Sheba 1, and Al Thanyah Fourth. In apartment sales, Dubai Marina, Palm Jumeirah, Business Bay, Burj Khalifa, and Al Merkadh topped the list in Q1 2021.
The Dubai property market is on a solid growth and is marching ahead bucking the global trends. The realty market is active in the recent weeks due to an increase in demand for housing units, in line with the success of Dubai Expo 2020.
The real estate and properties transactions valued at Dhs6.8 billion in total during the week, according to Dubai Land Department. 330 plots were sold for Dhs1.65 billion, 1,653 apartments and villas were sold for Dhs3.42 billion.
The past months leading up to the launch of the global event Expo 2020 Dubai witnessed an exceptional growth in general in real estate sales transactions in terms of volume and value.
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.
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