Realtors brought it back to the “Expo” and government incentives

Dubai real estate sales grow 89.6% in October 2021

  • Expectations that the real estate sector in Dubai will witness further recovery during the last quarter.

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  • Abdul Karim Al Mulla: “The performance curve in the real estate market in Dubai is still upward since the organization of (Expo 2020 Dubai).”

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Dubai real estate sales recorded a growth of 89.6% last October, compared to the same month in 2020.

The value of sales of residential units in the emirate amounted to 13.03 billion dirhams, compared to 6.87 billion dirhams in October 2020, while sales accounted for 55% of the total real estate transactions.

Realtors confirmed to "Emirates Today" that the real estate sector in Dubai is currently witnessing a strong recovery, with the support of the "Expo 2020" exhibition, and the recent government incentives, pointing out that the performance curve in the real estate market in Dubai is still upward since the organization of the exhibition.

best seller

The "Burj Khalifa" area topped the list of the top five selling areas in Dubai, with a value of 1.14 billion dirhams, followed by the "Dubai Hills" area with a value of 891.8 million dirhams, and then "Business Bay" with a value of 751.2 million dirhams.

In turn, the "Palm Jumeirah" area recorded sales of 731.1 million dirhams, and the "Dubai Creek Harbor" area recorded 730 million dirhams.

ascending curve

Abdul Karim Al Mulla, CEO of Standard Real Estate Management, said that the performance curve in the real estate market in Dubai is still upward since the organization of Expo 2020 Dubai, which allowed a large number of visitors and potential investors to see the great urban renaissance in Dubai, where it began. Capital is heading towards the sector.

He added that there are already new investments that have begun to enter the real estate market in Dubai, in conjunction with the presence of a large number of potential and existing investors in conjunction with major events, exhibitions and conferences in the country, especially the "Expo".

He continued, "The market has also witnessed a strong movement of investors present in it, in conjunction with strong promotions, and competition between real estate developers to attract these investors, by offering discounts on selling prices, as well as payment facilities, which is in the interest of the final investor."

strong recovery

For his part, CEO of Al-Andalus Courtyard Real Estate Development Company, Saleh Tabakh, said that the real estate sector in Dubai is currently witnessing a strong recovery, with the support of the “Expo 2020” exhibition, and recent government incentives, especially long stays, or the golden residence visa, In addition to reducing the financial ceiling for obtaining real estate residency for a period of three years, from one million dirhams to 750,000 dirhams.

Tabakh expected that the real estate sector in Dubai would witness more recovery during the last quarter of this year, with an increase in sales in a way that the sector had not seen before, especially that “Expo 2020 Dubai” contributed to creating a great boom in the real estate sector in the emirate, and it is expected that It opens the way for many investors, to seize the opportunity, and choose the UAE as a destination for their business.

In the same context, Walid Al Zarooni, Chairman of the Board of Directors of the “W Capital” real estate brokerage, said that the prices of residential real estate in Dubai witnessed a steady increase during September and October 2021, whether for villas or apartments, noting that “Expo 2020” has the greatest credit for Sales improved, in conjunction with many investors learning about the real estate opportunities available in Dubai and the UAE as a whole.

Featured Projects

The “Harmony” project ranked first, as the most important projects that recorded good sales during October 2021, and it is a project consisting of three neighborhoods within the “Tilal Al Ghaf” project developed by “Majid Al Futtaim”, with sales amounting to 609 million dirhams, followed by the “The Valley - Nara, developed by Emaar Properties, with sales of 389.6 million dirhams.

The "Primo" project ranked third, with sales of 307 million dirhams, followed by the "Royal Atlantis" project, with 277 million dirhams.

As for the "Grand Bleu Tower - Elie Saab" project, it recorded sales of 251 million dirhams.

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