Realtors: The market has maintained the bullish curve since the beginning of this year

Dubai real estate achieves 163 billion dirhams of transactions within 7 months

• Expectations of more real estate investments during the summer season.

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Real estate transactions in Dubai (sales, mortgages and gifts) amounted to 19.6 billion dirhams during the month of July 2021, bringing the total real estate transactions in the emirate to 163.15 billion dirhams within seven months, according to data from the Dubai Land Department.

Realtors said that the performance of July 2021 came to complete the upward curve that Dubai real estate started since the beginning of this year.

They added to "Emirates Today" that despite the Eid al-Adha holiday that coincided with July, the behavior was good compared to the number of working days.

They expected more real estate investments to be pumped during the summer season, especially with the increasing levels of confidence in the sector during the coming period, due to its rewarding returns.

Real estate actions

In detail, the data of the Dubai Land Department showed that the value of real estate transactions (sales, mortgages and gifts) in the emirate amounted to 163.15 billion dirhams during the first seven months of this year, distributed between “sales” of 72.76 billion dirhams, and mortgages worth 77.43 billion dirhams. Gifts worth 12.96 billion dirhams.

The data, which "Emirates Today" has seen, a copy of, revealed that real estate transactions in July recorded about 19.6 billion dirhams, to complete the movement of real estate transactions with that upward curve that it started since the beginning of the year 2021, which reached its peak last June, with a value of about 30.4 billion dirhams.

sales curve

The founder and director of the Royal Liwan Real Estate Company, Muhammad Abu Hareb, said that real estate sales usually witness a relative calm every year during the summer, but the observer of the market movement finds that it is rebounding significantly, which we witnessed during July 2021.

He added, "Despite the Eid al-Adha holiday, which was relatively long and coincided with July, the sales movement did not stop, and real estate transactions achieved good numbers compared to the number of working days."

Abu Hareb attributed the rise of the Dubai real estate sales curve from the beginning of 2021 until this July, to several factors, most notably the extensive vaccination operations against the “Covid-19” pandemic, the approaching launch date of “Expo 2020 Dubai”, and the increase in competition among real estate developers with regard to providing More summer offers to encourage investors to buy.

high confidence

For his part, CEO of Standard Real Estate Management Company, Abdul Karim Al Mulla, expected an increase in real estate investments during the summer season, especially with the increasing levels of confidence in the sector during the coming period, due to the attractive returns of the sector, which ranged between 6 and 7%.

He added that the summer period is one of the important periods for real estate companies, as companies compete to raise their sales through attractive offers, expecting the summer season to be an extension of the recovery that began in the first five months of this year.

Al Mulla stressed that the performance of the real estate market in the UAE still maintained the upward curve that it started in the first months of the year, citing the sector's performance in June and July, as the two months achieved a good performance, despite the calmness of transactions in conjunction with the travel of citizens and residents abroad.

He also pointed to other factors that contributed to this, including the strong promotions offered by real estate companies.

optimistic forecast

In the same context, the General Manager of "Future Path", Muhammad Al Ali, expected real estate to record better sales during the summer season, with the improvement in the market situation, and the fading of fears of the "Covid 19" pandemic, which has been pressing the market throughout the past year.

He pointed out that the recent period witnessed attracting foreign investors to invest and reside in Dubai, after the success of controlling the pandemic, and vaccinating most of the population, which adds a new segment of investors, who may prefer to continue in the emirate, and inject investments in the real estate sector.

• Vaccinations, "Expo 2020 Dubai" and competition... factors that supported sales.

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