Dubai Records Dh72.5 Billion worth Realty Transactions
Dubai’s real estate market witnessed transactions worth Dh72.5 billion in the first half of 2020, despite the impact of the global COVID-19 outbreak, according to a report issued by the Dubai Land Department (DLD). The figures indicate that Dubai’s real estate sector is gradually returning to normal, driven by the stimulus packages and initiatives launched by the government and its departments in the past few months. The report states that real estate transactions for the second quarter of 2020 exceeded Dh24.5 billion with 7,834 procedures, while 22,779 procedures were recorded during H1 2020, representing a total value of Dh72.5 billion. In terms of sales registration of various properties including land, buildings and units in Q1 2020, Al Merkadh ranked first with 631 sales transactions worth Dh1.52 billion, Dubai Marina, second with 515 transactions worth Dh1.1 billion, and Al Barsha South Fourth was placed third with 430 transactions worth Dh371 million. In terms of investments, the report states that in Q1 2020, 9,160 investors concluded 11,940 investments worth Dh21.2 billion, while investments in Q2 2020 saw a decline with 5,528 investors concluding 6,523 investments worth almost Dh11 billion. A total of 14,688 investors finalised 18,463 investments in H1 2020 worth Dh32.15 billion. In Q2 2020, Dubai’s real estate market welcomed 1,223 investors from the GCC with 1,431 investments worth over Dh2.1 billion, while 706 Arab investors concluded 798 investments worth approximately Dh1.2 billion. The report highlights the continued attractiveness of Dubai’s real estate market for foreign investors in the second quarter of the year, evidenced by the fact that 3,444 investors concluded 3,889 investments valued at Dh5.8 billion.
Tags : INTERNATIONAL