Two real estate agents expect it to reach 220 billion dirhams by the end of 2020

3 trillion dirhams of Dubai's real estate transactions in 20 years

  • The real estate sector in Dubai has been during the last 20 years the engine of economic growth for the emirate.

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  • Walid Al Zarouni: "The remarkable progress enjoyed by the real estate sector in Dubai has been reflected in global competitiveness indicators."

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Real estate transactions (sale and mortgage) in Dubai recorded about three trillion dirhams during the past 20 years.

A monitoring conducted by Emirates Today, based on official data issued by the Dubai Land Department, showed that sales accounted for 48.8% of the total value of transactions, registering more than 1.452 trillion dirhams, while the share of mortgages reached 51.2% of the total transactions during the monitoring period. Worth 1.525 trillion dirhams.

In addition, two real estate developers expected that the real estate sector in the emirate will end this year with actions amounting to 220 billion dirhams, despite the Corona crisis.

Increase behaviors

In detail, data for the Dubai Land Department showed an increase in real estate transactions in the emirate from year to year over the past 20 years.

According to a monitoring conducted by Emirates Today, based on Dubai Land data, transactions (sale and mortgage only) in the emirate recorded two trillion, 978 billion and about 150 million dirhams.

Statistics showed that real estate sales during the past 20 years accounted for 48.8% of the total value of transactions, registered 1452.81 billion dirhams, distributed over 607 thousand and 313 properties, while the share of mortgages reached 51.2% of the total dispositions during the monitoring period, with a value of 1525.34 billion dirhams, distributed Over 212 thousand properties.

8 months

Real estate transactions in Dubai recorded a value of 158.55 billion dirhams during the first eight months of this year, despite the repercussions resulting from the Corona crisis.

Disposals were distributed during that period between sales of 41.72 billion dirhams and total mortgages worth 116.83 billion dirhams.

momentum

In addition, real estate expert Walid Al-Zarouni said that the increase in the value of real estate transactions reflects the momentum enjoyed by the market in Dubai, which is considered a destination for real estate investors from all over the world, expecting that the current public sector will end with actions that exceed the 200 billion dirhams barrier.

locomotive

Al-Zarouni stressed that the real estate sector in Dubai has been, during the last 20 years, the engine of economic growth for the emirate, as it strengthened its position at the regional and international levels, to become among the best destinations for investment in all sectors.

He explained that, for example, the contribution of real estate activities to the GDP of Dubai amounted to 7.2% in 2018, according to the latest figures announced by the Dubai Land Department.

Progress

Al-Zarouni added that the remarkable progress enjoyed by the real estate sector in Dubai was reflected in the global competitiveness indicators, especially in the past year, as Dubai came as the largest city for business as a result of the improvement of a number of axes, most notably the axis of property registration for the real estate sector, which recorded progress in three centers. As it advanced to the seventh place globally, which was reflected on the performance of the UAE as a whole in relation to the Ease of Doing Business Index during 2019, to advance 10 places in the ranking within 190 countries, and reach 11th globally.

Attractive prices

For his part, CEO of Standard Real Estate, Abdul Karim Al Mulla, confirmed that the real estate sector in Dubai has absorbed the Corona crisis, expecting that the real estate sector will end the current year with results commensurate with the numbers achieved in the past years, stressing that it exceeded the barrier of 220 billion dirhams. And that despite the passage of nearly a year since the Corona pandemic, which affected the sector.

Al-Mulla said that the current period is suitable for real estate investment in Dubai, supported by attractive prices and payment facilities, while the sector is expected to achieve a recovery during the next year, in conjunction with the launch of the Expo 2020 Dubai in October 2021.

The increase in the value of real estate transactions reflects the momentum enjoyed by the market in Dubai.

48.8%

Of the total value of real estate transactions over two decades were consumed by sales.

158.55

One billion dirhams, Dubai's actions during the first 8 months of 2020.

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