It jumped 96% year-on-year

16.3 billion dirhams of Dubai real estate sales in February

The real estate sector in Dubai maintains strong growth rates.

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Dubai real estate sales jumped during February 2022, by 96%, to reach 16.3 billion dirhams, compared to February 2021, with an increase of 7.98 billion dirhams, according to data from the Dubai Land Department.

Two real estate agents confirmed to "Emirates Today" that the real estate sector in Dubai maintains strong growth rates at the level of the monthly performance of the sector, with the continuous support of real estate developers who provide a range of facilities and discounts, in addition to government facilities that contributed to increasing the number of investors in Dubai.

real estate sales

In detail, Dubai real estate sales during last February recorded a growth of 96%, compared to the same month in 2021, and the value of real estate unit sales in the emirate amounted to 16.3 billion dirhams, compared to 8.32 billion dirhams, and an increase of 7.98 billion dirhams, during the comparison period.

The number of transactions, recorded in February 2022, increased to 6334 transactions, compared to 2582 transactions in February 2021. The "Dubai Harbor" area topped the best-selling areas with a value of 1.32 billion dirhams, followed by Palm Jumeirah with a value of 1.03 billion dirhams, followed by the Burj Khalifa area with a value of 1.01 billion dirhams. Then Dubai Hills, which achieved sales of 982.1 million dirhams, and came in fifth place in the Business Bay area with sales of 951.6 million dirhams, according to data from the Dubai Land Department.

New projects

For his part, the real estate consultant, Ahmed Al-Dawla, said, “There is an increase in the number of new projects during 2022, in addition to the fact that the Dubai market has many incentives, as the investment return is still at good levels compared to large cities in the world, which supports the increase in real estate transactions in Emirate,” stressing that there is a tendency by foreign investors to invest in the market, due to the facilities they found in selling real estate, explaining that the recent period witnessed the entry of some major new investors around the world.

He expected the market to continue to recover during the current year, which we are witnessing on a monthly basis with the entry of new projects into the market, as the real estate market was able to absorb a large part of the supply.

He stressed that government measures were the main driver in this regard, and the success of dealing with the pandemic and the way to attract tourists and investors, which made Dubai a haven for housing and stability, not just tourism.

Price levels

In turn, the real estate consultant, Mohammed Al-Hafiti, said that "the year 2022 is the gateway to the real estate sector to reach the price levels recorded in 2014, amid strong support provided by government legislation and the strong economic situation to overcome challenges and continue growth."

He stressed that "the real estate sector in Dubai is less than its real value, compared to the global real estate markets, and this reflects the investment opportunities that still exist in Dubai real estate, as it is a good haven for value and good returns."

He continued, "The year 2022 will be the year of investing in real estate."

Al-Hafeiti pointed out that the "Expo" helped attract new investors to the local market, pointing out that most companies are looking to the market, as a successful and promising market, and that investors want to be part of this economy.

He continued, "The real estate sector is full of attractive investment opportunities," stressing that the price index still has a lot of room to rise during the coming period, despite the significant increase since last year.

Al-Hafeiti pointed to the facilities provided by the Dubai Land Department, which motivates many investors to enter the market, in addition to transparency in the market, as the emirate provides a supportive investment environment to attract investors, and regulates the cancellation of unfinished projects to protect real estate buyers.

He pointed to the improvement in the purchasing momentum and the high investment demand from foreigners and citizens, especially those with high incomes, and this is evident in the strong demand for the large areas sector of villas and "townhouses", in addition to the demand for medium housing units whose prices ranged between 750,000 to 750,000. One million dirhams to obtain a residence permit in Dubai for a period of three years, subject to extension.

• Government facilities, discounts and incentives contributed to increasing the number of investors in Dubai.

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