The head of the Dubai Land Department has highlighted the ongoing coronavirus vaccination rollout and Expo 2020 as reasons to be optimistic about the emirate’s real estate market this year.
Dubai’s property market regulator recorded 51,414 transactions representing a value of over AED175 billion in 2020 despite the impact of the global pandemic.
Sultan Butti bin Mejren, director general of DLD, said: “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.
“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,” he added.
According to the annual report issued by DLD, real estate sales reached AED72.5 billion with 35,423 transactions, while mortgages recorded 12,958 transactions with a total value exceeding AED87.7 billion, and grants recorded 3,033 transactions worth over AED15 billion.
The report also showed that Dubai attracted 31,648 new investors who concluded 41,571 investments worth over AED73.2 billion.
Bin Mejren (pictured above) added: “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 51,414 transactions recorded in 2020 validate the success of the government incentive packages that enhanced the market’s attractiveness and provided several opportunities for investors and developers who were keen to continue construction and deliver projects accordingly.”
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 AED14.8 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 AED7.5 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 AED35.6 billion.
DLD’s statistics also revealed that 10,300 women concluded 11,723 investments worth over AED15 billion.
Dubai Marina topped the list of areas in terms of the number of transactions while Jebal Ali First topped the list of areas in terms of the value of transactions.
Follow us on
