Dubai marks $3.8 bn in real estate

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According to statistics revealed by Dubai Land Department, 3,036 new investors entered the market in January and February 2021. Investment in Dubai’s real estate reached AED14 billion ($3.8 billion) by the end of February this year, despite the continued crisis caused by the coronavirus pandemic.

According to statistics revealed by Dubai Land Department, 3,036 new investors entered the market in January and February 2021, representing 62 per cent of the total number of investors over that period. The ‘Real Estate Updates’ bulletin also showed that 96,396 Ejari contracts were recorded in January and February this year, 57 per cent of which were new contracts and 43 per cent renewals.

Despite continued concerns over a property surplus in the emirate, seven new projects were registered in the first two months of the year. The bulletin also shows that January achieved a record number of mortgages, 3,007, representing the highest number of mortgages in just one month. The value of mortgages also set a new record, reaching AED20.9 billion ($5.7 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 ($8 billion), the highest since January 2018.

In terms of villas, the top five areas for investor attractiveness in February, were Hadaeq Sheikh Mohammed Bin Rashid, Dubai Investment Park 1, Wadi Al Safa 7, Al Thanyah Fourth, and Wadi Al Safa 5. For apartments, Dubai Marina, Business Bay, Palm Jumeirah, Burj Khalifa, and Al Merkadh topped the list in February 2021.

Source: Arabian Business