Launched during “Cityscape” the first commercial real estate price index
«Dubai Land»: Real estate sales in the third quarter, the highest in 8 years
Cityscape Global 2021 Summit and Exhibition kicked off at the Dubai Exhibition Centre.
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The index will help investors monitor the performance of the trading market when making investment decisions.
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The "Cityscape Global 2021" summit and exhibition, which will be held from the 7th to the 11th of November, at the Dubai Exhibition Center, as part of the Expo 2020 Dubai site, kicked off in Dubai yesterday.
The Dubai Land Department, in cooperation with the global real estate consultancy and investment company JLL, launched the first "Dubai Commercial Real Estate Price Index", which measures the performance of commercial real estate in terms of sales and prices.
Dubai Land Department revealed that real estate sales in Dubai recorded, during the third quarter of this year, 42 billion dirhams, the highest value on a quarterly basis in eight years.
Sales and Mortgages
In detail, the Director of the Dubai Land Department, Sultan Butti bin Mejren, said that real estate sales in Dubai achieved, during the third quarter of this year, 15,000 deals worth 42 billion dirhams, the highest value of real estate sales since the fourth quarter of 2013, (at quarterly basis), at a time when mortgages recorded, during the first quarter of 2021, the highest number of mortgages recorded in the department, as it exceeded 6000 mortgages with a value of more than 39 billion dirhams.
Bin Mejren stressed, during the "Cityscape Global 2021" summit and exhibition, which will be held during the period from the seventh to the 11th of November at the Dubai Exhibition Center, that the real estate movement in Dubai was stable even during the "Covid-19" pandemic, and there was no decline Strong for it, as it recorded between 20 and 22 billion dirhams in the two months of closing activities during the year 2020.
He added that this indicates that the movement of improvement continues, pointing out that the great momentum that is currently taking place supports this improvement, especially the organization of "Expo 2020 Dubai", the position of the UAE and the Dubai government, and the supportive incentives they provide.
Surplus offers
In response to a question about the excess supply in the real estate market in Dubai, Bin Mejren said: “There is no such thing as an oversupply. We have projects that are presented, and within a week or two they are sold,” noting that investors coming to Dubai have become new investors, and he stressed that the percentage of investors Newcomers to the real estate sector are larger than investors who are reinvesting in the sector.
Bin Mejren explained that the new investors chose Dubai as a destination to reside and invest in, especially the owners of large capital, to reflect the great confidence in Dubai as a city, and the UAE as a rational government that has achieved strong success.
He stressed that things continue to improve, saying, "We are moving steadily towards achieving the Dubai Urban Plan 2040, and moving to a better life in the future."
Investor confidence
Bin Mejren continued: “We are witnessing a new start for the (Cityscape 2021) summit, and we are confidently stepping towards a promising real estate future, after we have overcome the effects of the (Covid-19) pandemic in all aspects of our lives, as we have overcome it with steadfastness and strength to be proactive and achieve positive growth, to become the sector. Real estate is stronger and more mature.”
He stressed that overcoming the repercussions of the pandemic is the fruit of the speed and professionalism of leadership in the face of the crisis, and its provision of all human and technical resources to ensure the necessary health care to protect the health and safety of society, as well as support packages and incentives to support society in general, and the private sector in particular, noting that the high government performance has increased confidence. The investor in Dubai's economy, and reflected on the performance of the real estate market, which has made huge leaps that have enhanced its activities and its attractiveness.
innovative services
Bin Mejren revealed that DLD will launch a number of smart and innovative services that are in line with the emirate's digital trends, pointing out that in addition to the commercial real estate price index, in partnership with GLL, the department will launch a "real estate investment portal" on its website. It also reviews the developments of the building survey and classification project.
price index
In addition, the Dubai Land Department, in cooperation with JLL Consulting and Real Estate Investments, launched the first "commercial real estate price index in Dubai." The launch of the index comes as part of a memorandum of understanding signed between the two sides in late 2020.
The index is the only one of its kind in the emirate, and it will be a reliable source of data for investors, companies and institutions, and will help investors monitor the performance of the commercial market when making investment decisions and managing portfolios.
The Executive Director of the Real Estate Investment Promotion and Management Sector at the Dubai Land Department, Magda Ali Rashid, said that the commercial real estate price index will constitute an added value to the real estate sector in Dubai, and we look forward to cooperating with our partners from GLL, so that the index will have a high degree of confidence. and transparency, which in turn contribute to enabling and enhancing the real estate investment climate in the emirate.
For his part, CEO of JLL Middle East and Africa, Terry Delvaux, said that the launch of the index is a major step in our journey to improve real estate transparency, and a factor in attracting more investors from local, regional and international institutions to the region.
The index is expected to be issued on a quarterly basis, in both English and Arabic, and will serve as a key benchmark for analyzing the performance of commercial real estate in Dubai.
Expo 2020 Dubai contributed to the growth of the real estate market
Chris Spiller, director of the Cityscape Group at Informa Markets, confirmed that the UAE's rapid response to dealing with "Covid-19" has revived the real estate market in the country.
He added that the launch of "Expo 2020 Dubai" contributed to the growth of the real estate market in Dubai, allowing investors to explore new areas within the city, specifically near the "Expo site", and helped launch new projects in the industrial and commercial real estate sector.
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