Sales of luxury villas, sea-view apartments and family homes set records

Dubai real estate transactions rise to 300 billion dirhams, the most prominent events in the sector for the year 2021

Real estate sales accounted for 150 billion dirhams of the total transactions.

From the source

Dubai real estate surpassing the 300 billion dirham barrier in terms of transactions, which includes sales, mortgages, and gifts, is one of the most important events in 2021, with transactions distributed between 150 billion dirhams of sales, 128 billion dirhams of mortgages, and 22 billion dirhams of gifts.

The amendment of the Dubai Land Department to the real estate residency requirements had a positive impact on the real estate sector in Dubai, according to sector observers, as the department reduced the value of the property needed for the investor to obtain a residence visa valid for three years, renewable, to 750,000 dirhams or more, after Previously, it was one million dirhams, with the possibility of sponsoring the husband or wife and children.

Realtors confirmed that there are positive effects on the real estate sector in Dubai, noting that this initiative helps absorb the supply in the real estate market, and increases Dubai's competitiveness and position as a first-class investment destination.

world's rich

Among the important events in 2021, Dubai real estate continues to attract the elite of the world’s rich, as sales of luxury villas, sea-view apartments and family homes set records, as a deal was executed on a property that was up for sale with an estimated value of 180 million dirhams in Palm Jumeirah. , in a new record.

Historical figures indicate that this "penthouse" sold in August 2021, in "Palm Jumeirah" is the most expensive "penthouse" ever, and the property sold is located in the "Royal Atlantis Residences" project.

In the same month, a report by Knight Frank, a real estate research company, showed that the real estate market in Dubai completed the sale of 34 homes in the first half of this year, with a total value of 1.24 billion dirhams, with a single transaction exceeding 10 million US dollars (36.7 million dirhams). .

The report indicated that the Palm Jumeirah accounted for most of these sales of luxury homes and villas with 19 homes, with a total value of 697.3 million dirhams.

most expensive villa

And the year 2021 witnessed a new record set last July, with the sale of a villa in the "Palm Jumeirah" to a European investor worth 32.9 million US dollars (120.7 million dirhams), which is considered the second most expensive deal this year.

And last November, the Dubai Exhibition Center witnessed the most important real estate week in Dubai, at the Expo 2020 Dubai site, represented by the establishment of the “Cityscape 2021” exhibition in its exceptional version, and the most important event of the exhibition carried the slogan “Making minds to draw the horizon of the future.” It was held on the 7th and 8th of last November, to be followed by a three-day exhibition from the 9th to the 11th of November.

The event hosted regional and international speakers.

Classification of buildings

Among the important events of the year, the Dubai Land Department, represented by the Survey Department in the registration and real estate services sector, launched last November a building classification project, on the sidelines of Cityscape.

The project covers 150,000 plots of land, representing the total plots of land in the Emirate of Dubai, which include categories of residential, commercial, industrial and common uses.

Among the important events, the Dubai Land Department announced that it had won the "100% paperless" stamp from "Dubai Digital", which seeks to achieve a number of strategic goals, most notably enhancing Dubai's digital position and supporting its efforts towards smart and digital transformation.

In November, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE in his capacity as Ruler of the Emirate of Dubai, ordered the immediate allocation and start of distribution of 2,000 plots of land to citizens, and exempting the families of the deceased from repaying housing loans worth 33 million dirhams. His Highness approved projects Housing in the Emirate of Dubai worth 3.8 billion dirhams.

Dubai Retech platform

In the same month, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, launched the “Dubai RETECH” digital platform, with the aim of supporting decision-making in the real estate market, promoting the growth and sustainability of various real estate sectors, and providing a new tool that joins the elements The various supports that serve to confirm the highest levels of transparency and establish investor confidence, while the platform is one of the initiatives in support of the Dubai Urban Plan 2040 aimed at making Dubai the best city to live and work in the world.

• Government initiatives help absorb supply in the market, and increase Dubai's competitiveness and position as a first-class investment destination.

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