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In the first quarter of this year, 25,972 real property transactions were registered in Dubai. It is the highest figure for quarterly transactions since 2010. A total of 20,539 sale-purchase transactions amounting to AED 55.51 billion (USD 15.11 billion) were registered from January to March.
This information displays considerable growth in the Dubai property market and the permanent trend towards growth. At the same time, they continue to provide clarity to the Dubai property sector.
In the first quarter, Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle were the most popular areas for purchasing apartments.
Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya By Damac), and The Springs were the most demanded areas to look for townhouses and villas.
The real property market in the UAE, the second largest sector of the Arab economy, has made a steady recovery after the slowdown caused by the pandemic. Put-up demand, and an improved investment mood also helped to boost property sales, specifically in Dubai and Abu Dhabi, during the rise of economic activity. It is expected that new initiatives, including a residence permit program for foreign pensioners and the expansion of the 10-year Golden Visa scheme, will strengthen the local market. This is reported by industry experts.
Last month, more than 44,783 rental agreements were signed in Dubai. 60.3% of them are new contracts, and 39.72% are extended ones. The districts with the highest number of rental transactions in March were Jabal Ali First (6,259 agreements), Al Warsan First (6,224), Business Bay (5,056), Naif (5,011) and Al Karama (5,007).
