Dubai real estate transactions (sale and mortgage only), achieved during the month of August, 9.7 billion dirhams, distributed between 3.7 billion dirhams sales, and six billion dirhams mortgages. Realtors told Emirates Today that the behavior of the month of August is good, despite the Eid al-Adha holiday, which came about mid-month.
They predicted a strong movement of behavior and gradually increase during the coming period, due to several reasons, most notably the tendency of a large number of investment funds to invest in the real estate sector in Dubai.
In detail, data from Dubai Land Department showed that real estate transactions in the emirate achieved AED 9.7 billion in August.
The data, obtained by Emirates Today, indicated that the number of days of real estate transactions was only 22 in August, due to holidays and Eid Al-Adha holidays.
Real estate transactions for August were distributed between AED 3.7 billion in sales and AED 6 billion in mortgages, the data showed.
Standard Real Estate chief executive Abdulkarim al-Mulla said the value of real estate transactions in August was good, despite the mid-month Eid al-Adha holiday, which was relatively long and affected the overall behavior of the month.
Al Mulla predicted that real estate transactions will increase in the coming months in large proportions, in conjunction with the strong entry of investment funds, which noted the presence of strong opportunities in the real estate sector in Dubai, and a price correction in the market that created real opportunities for investment.
He also expected that property sales in Dubai would improve further, especially as the Expo 2020 Dubai is approaching.
Real estate expert Muhannad Al-Wadia said there were several factors that contributed to maintaining good rates of real estate transactions during the month of August. The market in Dubai witnessed demand for ready-made properties, supported by strong demand from real estate portfolios or REITs. ».
He added that these portfolios and funds resort to the purchase of buildings in full, while committing to the possibility of these real estate to make a profit for them, where they are selected on the basis of their rent and rate of service fees.
He pointed out that the real estate market in Dubai draws the attention of many real estate investors, not only companies and institutional investors, but also individual investors, attributing the price to attractive levels of purchase with the offers offered by real estate companies, especially with regard to payment.
Alwadia expected a gradual rise in real estate sales in the coming months, in conjunction with the growing demand for the real estate sector, as evidenced by the last week of August with the announcement of a number of real estate transactions.
Variety of supply
Raad Ramadan, general manager of Awad Gargash Real Estate Company, said that Dubai Properties was able to surpass the holiday period with good sales growth in August, despite the month-long Eid Al-Adha holiday.
Ramadan pointed out that the competition among developers contributed to the diversification of the supply in the real estate market, serving all categories in the category of medium housing and luxury housing category, in addition to the price to reach attractive levels of purchase, which increased the desire of many investment companies and real estate funds to make profits By investing in Dubai's real estate sector.
He stressed that the new projects for developers, and the facilities provided, contributed to the increase of real estate transactions in Dubai, where developers have contributed to the creation of investment opportunities in the sector, through the provision of suitable prices and easy financing methods, pointing out that all this will lead to increased behavior in the coming period.
Billions of dirhams
Real Estate Sales