The total real estate transactions in Dubai (sale and mortgage only) recorded, during the first five months of this year, about 60 billion dirhams, distributed between 28.2 billion dirhams sales, and 31.8 billion dirhams mortgages. In addition, two properties reported that the first five months of 2020 witnessed good sales for the real estate sector in Dubai, despite the repercussions of the Corona crisis, due to several reasons, most notably government incentives, facilities and offers offered by real estate developers, in addition to modern technologies.
And they mentioned to «Emirates Today» that the presence of a real estate correction in the market, and the arrival of real estate prices to attractive levels in the last period, in addition to the reassurance supported by strong government decisions, prompted investors to take advantage of these opportunities to pump more liquidity into the real estate sector.
Real estate actions
In detail, real estate transactions in Dubai witnessed a good performance during the first five months of this year, despite the negative repercussions of the Corona virus, where real estate transactions (sale and mortgage only) recorded a value of 60 billion dirhams, distributed between 28.2 billion dirhams sales, and 31.8 One billion dirhams mortgages. Dubai Marina topped all the regions of Dubai in terms of the value of sales achieved by the region, which recorded three billion dirhams, followed by the Burj Khalifa region with sales of 2.2 billion dirhams, then Al-Merkad area in third place with a sales value of 2.12 billion dirhams, then Business Bay with a value of 1.35 billion Dirhams, and in fifth place came Al Barsha South with a value of 1.2 billion dirhams.
At the level of mortgages, Al-Merkad region recorded first place mortgages with a value of 1.98 billion dirhams, followed by Business Bay with 1.89 billion dirhams, then Jebel Ali the first with 1.8 billion dirhams, Dubai Marina with a value of 1.7 billion dirhams, then Jebel Ali Port with a value of 1.67 billion dirhams.
For his part, Mohamed Salman, CEO of Seven Line Real Estate Brokerage said, "The movement of the real estate sector in terms of total sales is classified as good, compared to many global cities, in light of the negative effects of the Corona crisis on various local and global economies." It is expected that the movement of demand for sales in the market will increase gradually in the coming months.
He attributed the governorate of the sector to a relatively good sales movement during the first five months of this year, to the package of government incentives initiated by local and federal governments immediately with the start of the effects of the crisis on the local economy, pointing out that the wise decisions taken by the rational leadership had the greatest impact in relation to By reassuring investors in the market, which kept the movement in the real estate sector and not stopped completely.
In turn, Alaa Masoud, General Manager of Sales and Marketing at Al-Ruwad Real Estate Company, said that “despite the negative impact that the Corona pandemic has had on most sectors, including the real estate sector, the official figures released by the Department of Properties and Land in Dubai show The movement of buying and selling from January to May this year was not affected significantly, as the value of real estate transactions reached good numbers, compared to the major effects of the current crisis ». He added that «the initiatives launched by some developers, attractive real estate offers and corrective policies in the market, and the adoption of the Department of Lands and Properties in Dubai a new system for registering real estate sales that allows real estate owners to sell their properties remotely, and from anywhere in the world, contributed significantly to the continuity of activity in the real estate sector In the emirate ».
"The market performance is good during the first five months of this year, given the current effects of the Corona virus crisis that the world is going through, which has spread to many sectors," said Joseph Kleindst, CEO of "Clindest" group, real estate developer for the "Heart of Europe" project. »Stressing that government incentives and facilities provided by real estate developers helped the real estate sector in Dubai achieve good numbers during the mentioned period.
Government incentives, developer offers and new technologies have boosted sales in the sector.
The total volume of sales recorded about 28.2 billion dirhams from January to May