The number of transactions has gone up in most of the popular residential neighborhoods, highlighting the appeal of Dubai as an attractive destination for property investment.
Other recent announcements including the first-of-its-kind retirement visa scheme, spearheaded by the Department of Tourism and Commerce Marketing, and the updated dates for the Expo 2020 Dubai have also kept the emirate’s real estate sector in the limelight.
In Q3 2020, prospective buyers have turned their attention towards established neighborhoods such as Arabian Ranches, Jumeirah Village Circle (JVC), Dubai Marina, and Dubailand, which are strategically located close to commercial hubs, schools, and recreational facilities.
Similarly, potential tenants have also been favoring family-oriented communities, such as Mirdif, Jumeirah Village Circle, Jumeirah, and Dubai Marina.
As per the DLD, 8,137 real estate transactions have been recorded in Dubai in Q3 2020, amounting to a total value of $4.65bn (AED17.1bn) – an impressive increase from the 5,557 transactions registered in Q2 2020, and pointing to further recovery in the real estate sector post the temporary COVID-19 restrictions in Dubai.
Moreover, incentives such as rent-to-own schemes, service charge waivers, and fee reductions by property developers including Dubai South and Reportage Properties, have continued to create more opportunities for homeowners, investors, and tenants.