Dubai’s real estate transactions in Q2 2020 reached Dh24.5 billion, says the DLD report. Dubai: 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). Dubai real estate transactions hit an 11-year high in 2019. Property sales deals rose 20 percent last year on the back of new government policies.
Off-plan properties accounted for 23,643 transactions in 2019, owing to attractive prices and incentives offered by developers such as the waiving of service fees, a range of post-handover payment plans, discounts on registration charges, and commissions, and guaranteed rental returns. However, new off-plan launches were considerably down from their 2017 and 2018 levels, Property Finder said. Dubai recorded Dh106 billion worth of real estate transactions in the first five months of 2019, up 12 percent compared to the same period last year, Dubai Land Department (DLD) said in a report.
A report by Dubai Economy revealed that Emirati investors topped the list of investors in the real estate market in Dubai during the past year with investments amounting to about 10 billion dirhams, and the report attributed this to the continuous increase in the population of citizens and the increase in the supply of real estate in the market.
A report by Dubai Economy revealed that Emirati investors topped the list of investors in the real estate market in Dubai during the past year, with investments amounting to about 10 billion dirhams, and the report attributed this to the continuous increase in the population of citizens and the increase in the supply of real estate in the market, especially residential real estate.
The report expected that the Emiratis will maintain their share of the total real estate investments, pointing out that the Indian investors are ranked second among the largest investors in the real estate market in Dubai with investments amounting to 9 billion dirhams, then the British investors in the third rank with investments exceeding 4 billion dirhams, followed by the Saudis with investments 3 billion dirhams, then Pakistanis, Chinese, Jordanians, Egyptians, and Canadians.
The report added that the value-added of real estate activities in Dubai has grown strongly during the past year, rising by 7%, which is more than three and a half times the rate of real GDP growth, and it is expected that the real estate sector growth rate will decrease to nearly half the rate of last year, to record 2.2 % During the end of this year, and 3.6% during the year 2020.