Dubai Land Department says property sector will witness ‘increased growth and a greater recovery’ as emirate prepares to host Expo 2020
Investments in Dubai’s real estate market have reached AED36 billion ($9.8 billion) in the first five months of 2021, an increase of 44 percent compared to the same period last year, according to new research. The latest real estate bulletin issued by Dubai Land Department (DLD) showed that 6,021 real estate transactions worth AED21.8 billion were recorded in May, a huge rise of 197 percent compared to May 2020 and an increase of 35 percent compared to May 2019.
It also highlighted that there 11,387 new investors in Dubai’s property sector, comprising 66 percent of total registered investors since the beginning of the year.
“Dubai’s real estate 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 policies and directives of the wise leadership,” said the DLD report.
It said that the policies have contributed to “strengthening the emirate’s global position as a preferred real estate investment destination”. “It is expected that the real estate sector will witness increased growth and a greater recovery in the coming period, with the fast-approaching date of Expo 2020, which in turn will attract tourists and visitors from around the world and constitute a great opportunity for the real estate sector to strengthen its position regionally and globally,” the DLD added.
According to the DLD, 5,359 investments worth over AED11 billion were witnessed in May. Real estate sales transactions represented 74 percent of the total number of real estate transactions during May and achieved a growth of over 214 percent compared to May 2020.
The bulletin also showed that the value of real estate brokerage reached AED827 million since the beginning of the year, with the residential sales index achieving 1,071 points during May, up 7.1 percent compared to the base year. The top five areas for investor attractiveness were also revealed. For villa sales, Hadaeq Sheikh Mohammed Bin Rashid topped the list in May, followed by Wadi Al Safa 5, Wadi Al Safa 7, Al Thanyah Fourth, and Palm Jumeirah. For apartment sales, Dubai Marina, Burj Khalifa, Palm Jumeirah, Business Bay, and Al Thanyah Fifth topped the list.