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Dubai records property deals worth $17bn in first half of 2021

About 54% more apartments and 49% more villas were sold, compared with the second half of last year, Property Finder says.

Dubai registered property deals worth Dh61.97 billion ($16.87bn) during the first half of 2021, indicating a broader economic recovery in the emirate’s real estate market, according to listings portal Property Finder.

The value of deals during the first half was about 56 per cent higher when compared to the second half of last year. Total sales transaction volumes during the six-month period from January to June rose by more than 40 per cent to 27,373, compared with the second half of 2020.

“Fifty-four per cent more apartments were sold in the first half of 2021 compared to second half of 2020 and 49 per cent more villa/town houses,” said Lynnette Sacchetto, director of research and data at Property Finder.

Dubai’s property market has registered an increase in deal activity over the past few months due to pent-up demand in the market. The emirate’s house prices rose at their fastest pace in seven years in the second quarter of 2021, according to a recent report from Knight Frank.

Average transacted prices increased by about 1 per cent quarter-on-quarter to Dh1,156 a square foot for property in Dubai, the commercial and tourism centre of the Middle East, during the period from April to June this year, Knight Frank said.

Dubai had 17,434 secondary or ready transactions worth Dh46.88bn and 9,939 off-plan transactions valued at Dh15.09bn in the first half, Property Finder data showed.

The average transaction price for secondary or ready property increased to Dh2.69 million in the first half, from D2.48m in the second half of last year, while the average transaction price for off-plan property rose to Dh1.52m from Dh1.32m during the reporting period.

Mohammed bin Rashid City, Dubai Hills Estate, Dubai Land, Nad Al Sheba and the Green Community had the highest transaction numbers in the villas/town house category while Business Bay, Jumeirah Village Circle, Dubai Marina, Jumeirah Lakes Towers and Downtown Dubai were popular with buyers on the hunt for apartments, according to Property Finder.

The UAE property market, which had softened amid the Covid-19 pandemic as with various other real estate markets around the world, has been recovering steadily on the back of supportive government measures, the coming Expo 2020 and growing demand for larger homes amid a rise in remote working.

Government initiatives such as residency permits for retirees and remote workers and the expansion of the 10-year golden visa programme have also helped to improve sentiment.

Source: https://www.thenationalnews.com/business/property/2021/07/28/dubai-records-property-deals-worth-17bn-in-first-half-of-2021/

Momentum in Dubai real estate to carry over into rest of 2021

Dubai’s property sector will sustain a positive momentum in the second half of 2021 as visa reforms, successful Covid-19 vaccination plan and government measures to support the economy spur demand and manage oversupply, experts say.

Analysts and experts said the villa segment is performing better than apartments and positive sentiments will lift property prices up to five per cent during the July-December period this year.

“Depending on the Covid-19 pandemic situation, the second half of this year may continue the positive momentum that began in the third quarter of 2020. This is possibly due to the general positive market sentiment following measures put in place by the government to spur growth in housing demand as well as manage oversupply,” Haider Tuaima, head of real estate research at ValuStrat, told Khaleej Times.

He said the excellent countrywide vaccination programme has further strengthened market sentiment.

“With average home prices hovering at Dh900 per square foot and banks offering record-low interest rates coupled with a higher LTV of up to 85 per cent, getting on the property ladder became more affordable,” Tuima said.

Latest data by real estate portal Property Finder indicated that Dubai recorded 27,373 transactions worth Dh61.97 billion during the first half of 2021. This is compared to 35,041 sales transactions worth Dh71.87 billion registered in 2020, reflecting the best real estate performance in terms of sales transactions in the past eight years.

Positive sentiment

“We are seeing the market already bouncing back. The market, across the board, has seen an uptrend. Citywide prices have increased by 1.3 per cent in March this year. This is the first year on year price increase we have since early 2015. Since the market bottomed out in November 2020, prices have recovered up to seven per cent until now,” Ayman Youssef, vice-president at Coldwell Banker UAE, told Khaleej Times.

He said sentiment is better in Dubai as the world noticed how efficiently the emirate handled the Covid-19 situation. This has made many luxury buyers consider Dubai as a place to put their investment in.

“We have seen a lot of regional and international buyers relocating to Dubai into the luxury segment because of the attractive prices and strong control of the pandemic. We are seeing a historic time for the Dubai luxury segment. Properties that are Dh10 million and above have seen a historic high market share of 2.5 per cent,” Youssef said.

“Low interest rates have converted many tenants into buyers. The sentiment among investors is improving since the market has already bottomed out and now seeing real demand. Prices are below replacement cost in many areas which is a good entry point for investors.”

He said occupancy is still low in B-grade apartments that don’t provide a lot of amenities and services.

“This is also because a lot of people prefer villas to apartments due to their new work-from-home routines and the need for bigger space, green areas and amenities. We’ve also seen a rise in demand in beachfront properties,” he said.

“The first half of 2021 saw strong performance as the market was in rebound. However, the second half of the year is expected to see moderate growth and we expect a price increase of three per cent to five per cent citywide from H1 to July-December 2021,” he added.

Steady rise

Prathyusha Gurrapu, head of research and advisory at Core, said due to various demand drivers, transaction activity has seen steady increase, particularly in the secondary market with a 64 per cent increase in transaction activity over the first quarter this year compared to the same quarter of 2020.

“On the other hand, off-plan market activity continues to face headwinds, contracting by 29 per cent over the same period. That said, we foresee steady absorption for near completion off-plan projects from select major developers over the remainder of 2021 as demand and sentiment improves with developers focusing on existing under-construction projects and deliveries,” Gurrapu told Khaleej Times.

Growth drivers

Highlighting the top five growth drivers for property in 2021, she said UAE’s high vaccination rates, safety and business continuity for businesses and residents; relatively easy access to finance — lower LTV values and lower interest rates making it easier to climb the property ladder; visa and social reforms; a raft of fiscal incentives and government measures to support the economy; and Expo 2020-led positive economic sentiment will further strengthen market sentiments.

“Despite high rates of vaccinations, due to the very nature of the pandemic and its ever-changing impact on global tourism and mobilisation, we are yet to say with certainty that we are in a sustained recovery phase. That said, with strong fundamentals, business resilience and investment interest, most market stakeholders hold a positive market sentiment and remain cautiously optimistic for a steady 2021 on the back of efficient government measures,” she added.

Ratings agency S&P Global recently shared positive remarks on Dubai’s real estate and forecast more than 30 per cent revenue growth in 2021 on supportive market trends for real estate and a gradual recovery in other business segments.

“We expect Dubai’s GDP to rebound about 3.5 per cent in 2021, followed by growth of 2.5 per cent in 2022,” S&P analysts had said.

Source: https://www.khaleejtimes.com/business/real-estate/momentum-in-dubai-real-estate-to-carry-over-into-rest-of-2021

Reportage Properties sales surge 107% in first half as demand surges

The robust sales during the first half of this year reflected the high performance and the attractiveness of the company’s projects.

Reportage Properties on Monday said its first-half sales surged 107 per cent to Dh704 million as the investors and end-users purchased residential units amid fear of rising property prices.

Islam Ahmed Suleiman, chief executive of Reportage Properties, said that the robust sales during the first half of this year reflected the high performance and the attractiveness of the company’s projects, as well as the strength and stability of the UAE real estate sector and its ability to overcome challenges related to the repercussions of the Covid-19 pandemic.

Reportage Properties achieved sales of Dh812 million in 2020, a growth of 125 per cent compared to 2019.

The company’s real estate revenues topped Dhs22 million during a sales day event that was organised in early July in Abu Dhabi.

Reportage Properties is developing 11 projects, providing about 5,000 housing units within the most important investment sites in Abu Dhabi and Dubai, in addition to a project that has been completed and delivered in Masdar City in Abu Dhabi.

Suleiman pointed to the progress of construction works in all projects, despite the challenges of the pandemic. He confirmed commitment to completing the projects on schedule, which boosted their customers confidence, and contributed to the boosting demand.

He emphasised the importance of the recent launch of the ‘Montenapoleone’ project, which is the company’s first project outside the UAE. The move reflects the stability and strength of the company’s financial position, and its ability to develop more new projects inside and outside the UAE.

Sulieman stressed the high demand from large segments of customers to for residential units in the project, especially in light of the remarkable positive developments in the Egyptian real estate sector currently.

Source: https://www.khaleejtimes.com/business/real-estate/reportage-properties-sales-surge-107-in-first-half-as-demand-surges

Top family-friendly communities for investors in Dubai

Be it townhouse living or waterfront luxury, the Emirate offers a bouquet of solutions

  • Villanova

Despite Covid-19 slowing down the global economy, Dubai’s real estate sector has been resilient, underpinned by high yields. More than 25,000 real estate transactions worth $25 billion were recorded in the first four months alone – an increase of 72 per cent in terms of value compared to the same period in 2020, according to the Dubai Land Department.

New visa reforms, introduction of virtual and retirement visas, and the ease of doing business that the Emirate promotes, with laws allowing 100 per cent foreign ownership have strengthened Dubai’s position as a global city to live and work. This summer, if you are an investor here are the top family-friendly communities to look at.

Townhouse living: Villanova

The master community of Villanova offers a fine blend of active living and relaxing moments. The spacious three- and four-bedroom townhouses in La Rosa III and IV in this green neighbourhood were launched after the success of La Rosa I and II. The charming Mediterranean architecture sets the units apart, and the plus points are the spacious layouts and private gardens. The community features pool houses, playgrounds and sports courts, as well as a unique park for pets.

Launch prices from:

La Rosa III: Dh1,270,000

La Rosa IV: Dh1,286,000

Real Estate Madinat-Jumeirah-Living-for-web
Madinat Jumeirah Living

Premium luxury apartments: Madinat Jumeirah Living

Located opposite the Burj Al Arab, the exclusive freehold residential development of Madinat Jumeirah Living is a prestige address for a new generation of residents. The beautiful master community offers homeowners and investors the charm of resort living and is aligned with the goals of the Dubai Masterplan 2040.

It is pedestrian centric, environmentally friendly and designed with safety at its heart. The connected community offers investors a great choice of one-, two-, three- and 4-bedroom contemporary apartments at Al Asayel, spacious and tastefully done with premium fit and finish, community roof terraces, leisure decks and BBQ areas that offer fabulous views of the Burj Al Arab Jumeirah, Madinat Jumeirah, and the sea.

Launch prices from Dh1.3m

La Rosa IV: Dh1,286,000

Real Estate Madinat-Jumeirah-Living-for-web
Madinat Jumeirah Living

Premium luxury apartments: Madinat Jumeirah Living

Located opposite the Burj Al Arab, the exclusive freehold residential development of Madinat Jumeirah Living is a prestige address for a new generation of residents. The beautiful master community offers homeowners and investors the charm of resort living and is aligned with the goals of the Dubai Masterplan 2040.

It is pedestrian centric, environmentally friendly and designed with safety at its heart. The connected community offers investors a great choice of one-, two-, three- and 4-bedroom contemporary apartments at Al Asayel, spacious and tastefully done with premium fit and finish, community roof terraces, leisure decks and BBQ areas that offer fabulous views of the Burj Al Arab Jumeirah, Madinat Jumeirah, and the sea.

Launch prices from Dh1.3m

Real-Estate-Bluewaters-for-web
Bluewaters

Island retreat: Bluewaters

Bluewaters offers an island retreat for homeowners that value privacy and exclusivity. One finds here a selection of 10 glass-fronted apartment buildings, 4 penthouses, and 17 townhouses. The community is a shopper’s paradise with unique retail and dining concepts and is home to Ain Dubai, the world’s largest observation wheel.

Bluewaters offers a premium lifestyle for the whole family with residential amenities that include state-of-the-art gymnasiums, swimming pools, landscaped gardens, basketball courts and children’s play areas.

Starting price: Dh2.2m

Port De La Mer, La Sirène
Port De La Mer, La Sirène

Active waterfront living: Port De La Mer, La Sirène

Living in La Sirène at Port De La Mer in Jumeirah lets families experience first-hand, the allure of one of Dubai’s spectacular waterfront residences.

The exclusive selection of 1, 2, 3 and 4-bedroom apartments is nestled in a private residential community at the tip of the north peninsula at La Mer. Savour open seas, beaches, boardwalks and cafes on the edge of Dubai’s pristine coastline.

Starting price: From Dh1.29m

Real-Estate-nikki-beach-for-web
Nikki Beach Residences

Club life: Nikki Beach Residences

Nikki Beach Residences offer homeowners an exclusive beach and club lifestyle with direct access to a private beach, bespoke dining, wellness and leisure facilities.

On the shores of Pearl Jumeira, this unique address in the heart of Dubai’s fi nest residential district, offers apartments, townhouses and a penthouse. Homeowners have access to a community town centre with retail facilities, schools, mosques, beaches and waterfront hotels.

Starting Price: Dh3m

Real-Estate-Sobha-Hartland-for-web
Sobha Hartland

Green living: Sobha Hartland

Sobha Hartland, located in the iconic Mohammed Bin Rashid Al Maktoum City, offers spacious apartments and luxury villas nestled amidst vast open spaces and quiet green landscapes. Homeowners can enjoy the green cover, pedestrian friendly walkways, multipurpose play court, parks and walking tracks.

The community inspires health and wellness with Zumba classes, yoga and meditation sessions. There are also movie nights and activities for children, in addition to two international schools. Proximity to Downtown and Burj Khalifa throws up amazing dining and retail options as well.

Prices start from Dh800,000

Source: https://gulfnews.com/business/property/top-family-friendly-communities-for-investors-in-dubai-1.1625401995592

 

Now, investors can get eNOC to sell property in Dubai

Property investors in Dubai will no longer have to go to a developer’s office and apply for a no objection certificate (NOC) to sell their property.

Instead, they can now obtain NOC electronically with a click of a button.

The Dubai Land Department (DLD) authorities have announced that investors looking to sell their property can apply for an NOC through its Dubai REST mobile application (app), as part of the emirate’s strategy to go paperless by the end of this year.

“As part of the DLD’s continuous journey to digitalise its services, in line with the Dubai Paperless Strategy and to consolidate Dubai’s position as the world’s premier real estate destination as well as a byword for innovation, trust and happiness, the DLD launched the electronic no objection certificates (eNOC) through its Dubai REST app, negating the need for property sellers to have to apply for NOC through a developer’s office,” the DLD said.

Increased digitalisation of services by the DLD and improving sentiment about the local property market boosted property sales transactions to 11-year high in the first quarter of 2021.

Dubai recorded sales of over 6,000 ready homes worth Dh13.5 billion and 3,600 off plan properties worth Dh5 billion during January-March 2021 period, according to the real estate consultancy, ValuStrat.

“This innovation aligns with DLD’s mission to ensure that services are developed and upgraded in a manner that would emphasise customer happiness and comfort as well as create an innovative and sustainable real estate environment that would promote Dubai as the world’s happiest city through smart services, professional human and financial resources, and integrated real estate legislation,” the DLD added.

Source: https://www.khaleejtimes.com/news/uae-now-investors-can-get-enoc-to-sell-property-in-dubai

5 key factors to consider when looking for a home loan

It is important to compare fixed and variable rates, check the reversion rate, overpayment penalties and salary transfer clauses.

When looking for a mortgage, it can feel overwhelming to decide where to start, what to look for and ultimately choose the right lender and mortgage. This is especially true for first-time home buyers but can also apply to experienced buyers who are new to the UAE.

There are more than 15 banks operating in the UAE and each of them offers a variety of home loans with different rates, features and criteria.

It is important that you do your research before applying for a home loan. It is common for borrowers to first approach their own bank, where they hold their primary account, before looking elsewhere.

It is often the case that they tend to proceed with their own bank as this is viewed as the easiest option. However, it may not always be the best.

There are a few crucial aspects worth keeping in mind during your search for a home loan.

Mortgage rates

For many people, the most obvious place to start is rates. You should first decide whether to opt for a fixed or variable rate product. Investigate both options, keeping in mind your long-term goals and also the state of the market at the time.

A fixed-term mortgage is better suited to those who want more stability in knowing what their monthly repayments will be for a set period of time. Fixed-term mortgages tend to be for one, three or five years. A

variable rate mortgage could be an option if you are less risk-averse and want to take a chance at securing a lower rate that moves with the market.

Once you have decided between a fixed or variable rate, you will then look at the mortgage rates on offer.

Rates in the UAE can vary, ranging from 1.99 per cent to 5 per cent, depending on the lender, the product and your circumstances.

Shop around to see what different rates are on offer. Remember that the lowest rate does not always mean the best product.

Check the reversion rate

The one aspect many borrowers forget to consider when looking for a mortgage is the reversion rate.

The reversion rate only applies when taking a fixed-term mortgage. It is the rate that the mortgage reverts to when the fixed-term period comes to an end.

When comparing two different fixed-term mortgages, it is essential to take the reversion rate into account. It is often the case that the headline mortgage rate captures a borrower’s attention if it looks highly competitive on the surface.

However, it is necessary to consider what the reversion rate is and how it is calculated as this will give you an indication on what your instalment might be once the fixed-term period expires.

Adding purchase fees to the mortgage

When buying property in the UAE, in addition to the minimum down payment requirement of 15 per cent for citizens and 20 per cent for residents, there are fees of up to 7 per cent associated with the purchase.

These include Dubai Land Department charges, property agent fees and bank arrangement charges.

If you are buying in Dubai, it is possible to include a certain percentage of these fees within the mortgage.

What this means is that the cash required upfront to purchase is reduced as the lender will include some of the fees within the home loan and allow you to pay these back over time as part of your normal mortgage repayments.

However, not all lenders will allow the option to include fees. You will need to establish early on whether this is something you want to do and keep this in mind when conducting your research.

Salary transfer

A question you should ask all lenders when doing your research is whether a salary transfer is a requirement for the mortgage. Some lenders require a salary transfer for certain mortgage rates or will offer you a reduced rate if you opt for it.

Whether you prefer a salary transfer or not is a personal choice but I generally advise clients against this to retain control and flexibility over their finances.

Rules on overpayments

When speaking with potential borrowers, a common theme is to pay off the mortgage as quickly as possible and it is worth checking to see if a lender will allow penalty-free overpayments.

Some lenders will penalise a borrower for paying off the mortgage faster than the agreed term.

If you intend to overpay on the mortgage, then search for a lender that will allow you to do this without incurring a charge.

Many lenders will agree to allow overpayments of up to 20 per cent a year without a penalty, with some even going up to 30 per cent.

Brendan Kennelly is a senior mortgage consultant at Mortgage Finder

Source: https://www.thenationalnews.com/business/money/5-key-factors-to-consider-when-looking-for-a-home-loan-1.1237270

Dubai property sales value hits 4-year high of Dh11.11bn in May

The emirate has registered 20,989 real estate transactions worth Dh47.19bn this year, according to a new report.

Dubai’s property sales transaction value hit a four-year high of Dh11.11 billion ($3.02bn) in May as the economy continues to recover from the coronavirus pandemic, according to listings portal Property Finder.

This is the highest value of monthly property transactions recorded by the emirate since March 2017, Property Finder said on Tuesday.

“One indication that Dubai’s real estate market has rebounded is that the average transaction value for a single property has increased 16.77 per cent for villa/townhouses and 17.18 per cent for apartments in one year,” Lynnette Sacchetto, director of research and data at Property Finder, said.

The UAE’s property market, which softened in the wake of a three-year oil price slump that began in 2014 and on oversupply concerns, is showing signs of a revival as homebound users look to upgrade to larger spaces amid a remote working and learning trend due to the pandemic.

Economic support measures and government initiatives, including visas for expatriate retirees, remote workers and the expansion of the 10-year golden visa scheme, have also helped to improve sentiment.

Total property transactions in May rose 205 per cent year-on-year to 4,429, while sales grew 324 per cent, according to the listings portal.

“When looking over the past few years, we have not only seen increases since 2020 but from 2019 as well,” Ms Sacchetto said. “To put things further into perspective, we have seen a 36.5 per cent increase in the total volume of sales transactions and a whopping 83.8 per cent increase in the total value of sales transactions when comparing May 2021 to May 2019.”

In May 2021, 62 per cent of all transactions were for secondary or ready properties and 38 per cent were for off-plan properties, according to Property Finder. The off-plan market transacted 1,674 properties worth a total of Dh2.58bn during the month and the secondary market saw 2,755 property transactions worth Dh8.53bn.

The top areas of interest in terms of searches for villas/townhouses in May 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Damac Hills and Mohammed bin Rashid City. The top areas of interest for apartments were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle.

Emaar Properties, Dubai’s biggest listed property developer, also recorded higher property sales in the first five months of 2021, with total property sales climbing 250 per cent to Dh10.5bn, it said this week.

In the first quarter, apartment prices in Dubai increased 3 per cent on a quarterly basis, while prices of villas jumped 6 per cent during the period, according to a recent report from Asteco. On an annual basis, prices dropped 2 per cent but villa prices increased 3 per cent.

Source: https://www.thenationalnews.com/business/property/dubai-property-sales-value-hits-4-year-high-of-dh11-11bn-in-may-1.1237000

Dubai real estate to see ‘big boom’ once Expo 2020 starts

New ownership and visa laws, a business-friendly environment, and highly successful Covid-19 vaccination drive have all helped Dubai retain investor confidence.

Favourable interest and mortgage rates, a highly effective Covid-19 vaccination drive, and new visa rules for investors, will result in Dubai’s property sector witnessing a “big boom”, especially when the city opens its doors for Expo 2020, says Rizwan Sajan, chairman and founder of Danube Group.

Speaking in an exclusive interview with Khaleej Times on the sidelines of the INDEX Dubai 2021 exhibition, Sajan remarked that Dubai would continue to be a city that enjoyed the confidence of global investors. The emirate had proven itself to be resilient in the face of several challenges that have gripped the global economy time and time again, he said.

“Expo 2020 is going to bring a big boom for Dubai,” he stated. “If you look at what has happened over the past two to three months, you will see that real estate prices have gone up again. This means that developers will be eager to start constructing new apartments and villas. We are blessed, especially when you look at all the policies that the government has been coming up with, such as the Golden Visa and the 100 per cent ownership laws, to make expats feel like they are at home. All of these policies will definitely help to build confidence in investors that are interested in setting up their businesses here.”

“In addition, the way that the Covid-19 crisis has been handled here will also send a strong message to the world that Dubai is ready for business,” Sajan observed. “We are already seeing a lot of investors from India expressing an interest in coming and opening their businesses in the city. Not just that, but a lot of European and Chinese expats are looking to purchase property in Dubai.”

He also reiterated his advice on the best time to invest in property in the emirate. “I can say that we will see a big real estate boom coming in the near future. I keep telling people that the time to buy property, if you are interested in doing so, is now because later you will not get the same prices that you are seeing in the market right now. Interest rates right now are very low just like the property prices and even the mortgage rate is extremely attractive.”

Property prices over the past six months, he revealed, have gone up by 30-35 per cent, further highlighting the positivity in the market. He also said that property in Dubai is still cheaper compared to many other major international hubs such as Hong Kong and London. While villa prices have gone up, and will continue to do so in the coming months, apartment prices are still low and make for an attractive investment.

“The luxury property market has already started recovering, and the affordable property market will follow,” Sajan added. “Many companies that had laid off their employees are looking to rehire their staff so business is getting back to usual. I also believe that the supply of new units will remain balanced in the near-term.”

Asked about how the Covid-19 pandemic had impacted the building materials market, he said that prices have been “going very very high.”

The main reason for this, he revealed, has been the difficulty in arranging logistics and the shortage of material.

“The demand is more due to the consumption in the US and Europe,” Sajan said. “We have seen this trend – where the prices have gone up by more than 50 per cent in the building materials segment – after many years. We are trying our best to get materials because of the huge demand that we are seeing for Expo 2020 Dubai; lots of projects have to be completed before the event opens its doors. However, I believe that there will be no problem in Dubai as far as the construction industry is concerned.”

 

Source: https://www.khaleejtimes.com/business/local/dubai-real-estate-to-see-big-boom-once-expo-2020-starts

Nakheel sells 217 villas worth Dh800M in record 4 hours

Dubai’s property sector has been on a tear, bucking even international trends

Amid the flurry of positive news coming out from Dubai’s property sector, Nakheel added some more — in record time, so to speak.

The Dubai-based real estate major on Friday announced that it sold out 217 villas worth Dh800 million in just four hours, as investors were “clamouring” to acquire homes at its new Murooj Al Furjan community.

“The overwhelming response to Murooj Al Furjan highlights investor trust in Dubai real estate, continued buoyancy in the villa sector and demand for quality homes with excellent onsite amenities,” a Nakheel spokesperson said in a statement to Khaleej Times.

The 217 villas were part of the first phase of Murooj Al Furjan. A total of 418 villas are up for grabs at the mixed-use gated community, which is set to be completed in 2024. Prices start at Dh2.9 million.

Dubai’s property sector has been on a tear, bucking even international trends that have seen negative, uneven or tepid growth. Investors have been flocking to the market to snap up a piece of real estate, taking advantage of lower prices over the past year, mainly due to the effects Covid-19 pandemic.

Villas and, in general, properties with spacious areas, emerged to become a very popular draw as tenants seek more convenience in the wake of the disruption brought about by the situation, which saw an unprecedented spike in remote working and studying, among other activities.

 

 

Source: https://www.khaleejtimes.com/business/real-estate/nakheel-sells-217-villas-worth-dh800m-in-record-4-hours

Dubai realty rebounds with record 72% jump in deal value

Dubai’s real estate sector bucked worldwide trends with a 27 per cent surge in transactions in the first quarter of 2021.

Dubai registered 25,455 real estate transactions worth Dh92 billion from January to April 2021

Dubai’s real estate sector rebounded at a record pace in the first four months of 2021, registering 51 per cent jump in transactions and 72 per cent surge in value year-on-year.The remarkable buoyancy underscores “the flexibility and attractiveness of the sector as well as the positive impact of the decisions and directives of the wise leadership, which, in turn contributed to enhancing investor and customer trust in the sector,” Dubai Land Department (DLD) said on Monday.

The real estate bulletin issued by DLD said Dubai registered 25,455 real estate transactions worth Dh92 billion from January to April 2021 period, thus achieving an increase of 51 per cent in terms of the number of transactions and 72 per cent in terms of value compared to the same period in 2020.

Interestingly, 8,749 new investors entered the market during the January-April period, representing 65 per cent of the total investors registered during the four month, a growth of 54 per cent compared to the same period in 2020.

The bulletin said the sector will continue to attract more real estate investors, thanks to its strong infrastructure and attractive investment opportunities.

The buoyancy also proves that the positive impact of the decisions and directives of the leadership helped the Dubai real estate sector “to keep pace with the new normal in a way that reinforces Dubai’s global position as a preferred real estate investment destination.”

Dubai’s real estate sector bucked worldwide trends with a 27 per cent surge in transactions in the first quarter of 2021 while global property transaction volumes declined by 13 per cent year-on-year to $187 billion, representing a resilient but uneven stage within the broader investment recovery, according to a JLL report. “The newly announced regulatory measures, local availability of the vaccine, and the upcoming Expo 2020 festivities are all opportunities to revive the real estate market in the UAE during 2021,” it said.

The total value of Dubai real estate investments during the first four months reached Dh36 billion, an increase of 44 per cent compared to the same period in 2020. “This confirms the continued flow of real estate investments since the beginning of the year at a high rate, which also strengthens the trust of local and international investors alike,” said the bulletin.

There has been an increase of 58 per cent in new contracts and 42 per cent in renewed contracts while 187,949 Ejari contracts were recorded during the four months.The top five areas for investor attractiveness in villa sales included Hadaeq Sheikh Mohammed Bin Rashid topping the list in April 2021, followed by Palm Jumeirah, Wadi Al Safa 5, Wadi Al Safa 7, and Al Yelayiss 2. In apartment sales, Dubai Marina, Burj Khalifa, Palm Jumeirah, Business Bay, and Al Thanyah topped the list in April.

“It is expected that the real estate sector will witness increased growth and a greater recovery in the coming period following the permission of Dubai’s Supreme Committee of Crisis and Disaster Management to accept electronic permit applications for business activities of all kinds, in addition to the fast-approaching date of Expo 2020, which in turn will attract tourists and visitors from around the world and will constitute a great opportunity for the real estate sector to strengthen its position regionally and globally,” DLD said.

 

Source: https://www.khaleejtimes.com/business/dubai-realty-rebounds-with-record-72-jump-in-deal-value

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