Resilience of Dubai's property sector has boosted the trust of local and international investors in the emirate’s real estate environment.
The findings of the Dubai Land Department's latest real estate bulletin reflect the flexibility of Dubai’s real estate sector since the beginning of 2021 and its adaptation to the current circumstances related to the outbreak of COVID-19.
The real estate bulletin, titled Real Estate Updates, reports that 3,036 new investors entered the market in January and February 2021, representing 62 percent of the total number of investors during the above period.
Resilience of Dubai's property sector has boosted the trust of local and international investors and contributed to the continuity of the flow of real estate investments from the beginning of the year, reaching USD 3.8 billion by the end of February 2021.
The bulletin also reveals many other vital indicators of Dubai’s real estate market. For instance, 96,396 Ejari contracts were recorded in January and February 2021. 57 percent of them accounted for new contracts, and 43 percent were renewed contracts. In addition to that, seven new projects were registered during the same months.
According to the bulletin, January 2021 had a record number of mortgages, which was 3,007 in total and represented the highest number of mortgages just in one month. The value of mortgages set a new record reaching USD 5.6 billion, the highest since October 2016.
On top of that, January 2021 recorded the highest number of real estate transactions since March 2017: 6,638 real estate transactions in total. Their overall value was USD 8 billion, which is the highest result since January 2018.
Compared to January 2020, real estate sales recorded a growth of 17 percent in January 2021. The value of real estate brokerage achieved by active real estate brokers in the market reached USD 22 million in January 2021.
The bulletin also highlights the top five areas most attractive to investors. In villa sales, Nad Al Sheba topped the list in January 2021, followed by Hadaeq Sheikh Mohammed Bin Rashid, Wadi Al Safa 5, Al Yelayiss 1 and Jumeirah 1. Hadaeq Sheikh Mohammed Bin Rashid, Dubai Investment Park 1, Wadi Al Safa 7, Al Thanyah Fourth and Wadi Al Safa 5 topped the list in February 2021.
As for apartment sales, Dubai Marina, Business Bay, Palm Jumeirah, Burj Khalifa and Al Thanyah Fifth topped the list in January 2021, whereas Dubai Marina, Business Bay, Palm Jumeirah, Burj Khalifa and Al Merkadh topped the list in February 2021.