Realtors: correcting the price, creates a lot of opportunities ... and the prices are attractive to buy

Dubai real estate behavior grows 56.4% to 15 billion dirhams in August

• Expectations of a gradual rise in real estate sales in the coming months.

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Data from the Dubai Land Department showed that real estate transactions in Dubai (sale and mortgage only) achieved 15.17 billion dirhams last August, with a growth of 56.4%, compared to the same month of 2019, which recorded 9.7 billion dirhams.

For their part, real estate professionals confirmed to Emirates Today that the real estate market witnessed the entry of new investments, in conjunction with a price correction that created many opportunities for investors, pointing out that prices have reached attractive levels for buying, with companies ’offers, especially with regard to payment facilities.

Real estate behavior

In detail, data from the Dubai Land Department showed that real estate transactions in the emirate achieved 15.17 billion dirhams in August 2020, compared to 9.7 billion dirhams in August 2019, recording a growth of 56.4%.

Real estate transactions were distributed during August between 4.73 billion dirhams of sales and 10.44 billion dirhams of mortgages.

New investments

In turn, the CEO of "Standard Real Estate Company", Abdul Karim Al-Mulla, said that the value of real estate transactions in August was more than good, given the continuing impact of the repercussions of the new Corona virus on the sector, pointing out that the real estate market witnessed the entry of new investments, coinciding with the correction. My price creates a lot of opportunities for investors, in many residential categories.

Al-Mulla expected that real estate behavior will gradually increase until the end of this year, to prepare after that to achieve a boom in behavior, with the decline in the number of Coronavirus infections in the country.

Price correction

For his part, real estate expert Walid Al-Zarouni said that there are several factors that contributed to the increase in real estate sales during this August, including price correction, developer offers, and payment plans, stressing that the Dubai market witnessed real estate demand «on the scheme», in conjunction with those factors that contributed In the entry of new investments to the sector.

Al-Zarouni stressed that the real estate sector in the emirate has shown great flexibility in facing the repercussions of the pandemic, whose effects have begun to diminish, with the decrease in the number of injuries in the country from one month to another.

He pointed out that residential real estate prices have reached attractive levels and expected returns within a short period, amid prospects for the return of high prices during 2021.

Seize the opportunities

Al-Zarouni said that there is an opportunity until the end of this year to seize it, before the pace of rise begins at the beginning of the first quarter of 2021, advising liquidity holders to invest in the real estate sector, in conjunction with the high return on investment in the sector at rates exceeding many capitals of the world.

He pointed out that the real estate market in Dubai recently attracted the attention of many investors, in conjunction with the arrival of prices to attractive levels for purchase, with the offers of real estate companies, especially with regard to payment facilities.

Al-Zarouni expected a gradual rise in real estate sales over the coming months, in conjunction with a growing demand for the sector, citing what was witnessed in August of good real estate offers by many developers.

Gradual growth

In the same context, the Vice President of the International Union of Arab Realtors, Dr. Mahmoud Al-Burai, said that Dubai real estate has succeeded in overcoming the difficult period related to the repercussions of the spread of the pandemic, as all the figures indicate a gradual growth of the sector, in conjunction with the increase in the desire for real estate investment by individuals.

He stressed that there are factors that contribute to revitalizing the sector, the most prominent of which is the high intensity of competition between developers, which reflected positively on prices, as well as the facilities of payment plans and the first payment, which reached a zero value for some.

3 billion dirhams

Yesterday, real estate transactions in the Dubai Land Department amounted to more than three billion dirhams, as the department witnessed the registration of 130 pledges at a value of 300.36 million dirhams, of which 18 pledges to land valued at 71.26 million dirhams, and 112 pledges to apartments and villas worth 229.1 million dirhams.

The value of mortgages amounted to 2.75 billion dirhams, 27 of which were mortgages to lands worth 2.72 billion dirhams, and 33 mortgages to villas and apartments worth 37.43 million dirhams.

As for donations, 12 donations worth 26.02 million dirhams were registered.

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