Real Estate: Expectations to cross the 300 billion barrier by the end of 2021

191 billion dirhams of Dubai real estate transactions within 8 months

  • Transactions increased by 42% during August compared to the previous month.

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Real estate transactions in Dubai (sales, mortgages and gifts) amounted to 27.85 billion dirhams during August 2021, bringing the total real estate transactions in the emirate to 191.1 billion dirhams within eight months, according to data from the Dubai Land Department.

The data indicated that real estate transactions in Dubai increased by 42%, during last August, compared to the previous month, in which transactions amounted to 19.6 billion dirhams, bringing the total real estate transactions in the emirate from 163.15 billion dirhams within seven months, to 191.1 billion dirhams at the end of last August.

Two real estate experts told «Emirates Today», that the performance of actions, during the month of August, was in line with the optimistic expectations that Dubai real estate will continue the upward curve, which it started since last January, where the actions are expected to exceed the 300 billion dirhams barrier by the end of the year. This is supported by several reasons, most notably the launch of Expo 2020 Dubai next month.

real estate transactions

In detail, real estate transactions in Dubai (sales, mortgages and gifts) amounted to 27.85 billion dirhams during the month of August 2021, bringing the total real estate transactions in the emirate to 191.1 billion dirhams within eight months, according to data from the Dubai Land Department.

The data issued by the department indicated that real estate transactions in Dubai increased by 42% during August, compared to the previous month of July, in which transactions amounted to 19.6 billion dirhams.

It showed that the value of real estate transactions in the emirate was divided between "sales" worth 87.75 billion dirhams, mortgages worth 88.56 billion dirhams, and gifts worth 14.87 billion dirhams.

She pointed out that real estate transactions, last August, maintained the upward curve that they started since the beginning of 2021, as they reached their peak, last June, with a value of about 30.4 billion dirhams.

upward curve

For his part, CEO of "Standard Real Estate", Abdul Karim Al Mulla, attributed the rise of the Dubai real estate sales curve, from the beginning of 2021 until last August, to several factors, most notably the approaching launch date of "Expo 2020 Dubai", expecting real estate transactions to reach a number exceeding 300. billion dirhams by the end of this year.

He pointed out that among other factors that helped to restore the momentum of the real estate sector, the return of normal life closer to before the pandemic, taking into account health precautions and the intensity of vaccination doses for students with the return of schools.

Al Mulla said that "the upcoming international event is capable of generating more interest in the real estate market in Dubai by investors and residents alike," noting that "(the exhibition) created great competition between developers, to present attractive offers, embodied in a great turnout from On the other hand, investors have invested in the real estate sector during the last period.”

Quick Moves

For his part, CEO of "MAG Real Estate Development", Talal Mowaffaq Al-Qaddah, said that "there is an active movement in the market in Dubai, and this is due to the approaching launch of (Expo 2020 Dubai), in addition to the rapid and decisive moves on the part of the government to confront ( Covid-19), which gave great confidence to the world that Dubai will not be closed in any crisis.”

He explained that the market is witnessing a complete movement in all sectors, including tourism, hotels, and real estate.

Al-Qaddah pointed out that the real estate sector in Dubai has a unique opportunity with the support of the Expo 2020 Dubai, which will increase economic activity in the emirate in particular and the UAE in general, while attracting more tourists and new residents, as well as investors. Neshat is an opportunity for the real estate sector to grow, given that every investor and every new residence creates demand for the sector.

He pointed out that this momentum, created by the organization of the exhibition, created great competition between developers to present attractive offers, including various types of real estate, whether residential, commercial, hotel or administrative, stressing that there is an opportunity for the real estate sector, at the present time, to achieve record levels close to The real estate boom years, with the launch of "Expo 2020", supported by the increased appetite of real estate investors to enter the Dubai market.

• Action performance, during August, is in line with optimistic expectations that Dubai real estate will continue on the upward curve.

• «Expo» is able to generate more interest in the real estate market from investors and residents.

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