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5,359 investments worth over USD 2.9 billion were registered in the emirate in May 2021.
Dubai's property sector has continuously proven its attractiveness to investment and its flexibility in adapting to various developments, thanks to the legislative environment and infrastructure created by the emirate's government policies and directives. All this has had a clear impact on the results achieved in the sector during the past months, specifically since the beginning of 2021, and helped to strengthen Dubai's global position as a preferred real estate investment destination.
According to the Dubai Land Department's real estate bulletin Real Estate Updates, continuous flow of real estate investments was witnessed in May 2021 in the real estate sector. A total of 5,359 investments worth over USD 2.9 billion were registered during the period.
6,021 real estate transactions worth USD 5.9 million were recorded in May 2021, a significant increase of 197 percent in terms of number compared to May 2020 and 35 percent compared to May 2019, and a growth of 221 percent in terms of value compared to May 2020. Property sales transactions accounted for 74 percent of the total number of real estate transactions during May 2021 and went up by 214 percent compared to May 2020.
The bulletin revealed that the value of real estate brokerage achieved by effective real estate brokers in Dubai's real estate market reached USD 225 million. In addition to that, 253,959 Ejari contracts were recorded from January to May 2021. 53 percent of them were new contracts and 42 percent were renewed contracts. The residential sales index achieved 1,071 points during May 2021, which is 7.1 percent higher than in the base year.
The bulletin also highlighted the top five areas most attractive to investors. In villa sales, Hadaeq Sheikh Mohammed Bin Rashid topped the list in May 2021, followed by Wadi Al Safa 5, Wadi Al Safa 7, Al Thanyah Fourth and Palm Jumeirah. In apartment sales, Dubai Marina, Burj Khalifa, Palm Jumeirah, Business Bay and Al Thanyah Fifth topped the list in May 2021.
In the coming period, increased growth and a greater recovery is expected in Dubai's real estate sector. With the fast-approaching date of Expo 2020, tourists and visitors from around the world will flow to the emirate, which will be a great opportunity for the real estate sector to strengthen its position regionally and globally.