Out of the box

The signs of the year’s harvest start from the beginning

Ismail Al Hammadi

April 13, 2021

It is said that the signs of the year’s harvest start from the beginning, and the real estate sector’s achievements in Dubai are a fact that began with the honorable results that it achieved during the first quarter, and was achieved by one of the largest real estate development companies in the region (Emaar Properties), as the data indicate that the value of real estate deals in Dubai, It recorded a growth of 44% during the first quarter of 2021, and a growth of 26% in terms of the number of deals compared to the first quarter of 2020.

- Dubai has a different lifestyle and attraction than other regions, in addition to the strength of its global infrastructure.

On the other hand, Emaar Properties revealed that the value of its quarterly sales for the first quarter of this year increased to 6 billion dirhams, compared to 2.5 billion dirhams in the first quarter of 2020.

I am fully confident that the upcoming disclosures of other real estate companies active in the emirate will achieve an increase in the value of their quarterly sales for the first quarter of this year, based on what is happening in the market arena today and the movements of these various companies .. It is a strong start and a promising start to the performance of the real estate sector in 2021 The reason for the president is the state’s success in controlling the epidemic in a big way and overcoming all the challenges that it imposed on the economy and turning it into opportunities, which accelerated the recovery of most economic sectors and from there to the real estate sector, so that Dubai and all regions of the country became a safe haven for living and practicing life in its natural form while continuing Tightening the precautionary measures that most countries of the world still impose on their inhabitants today.

This gave confidence to others to move to, and we do not forget that Dubai has a lifestyle and attractiveness different from other regions in addition to the strength of its global infrastructure, as evidenced by that it was finally ranked first in the Middle East and 12th globally on the luxury lifestyle index in the Global Wealth Report and Style Life for 2021, published by the Swiss financial group Julius Bayer.

On the other hand, we do not forget the role played by the various initiatives and economic incentives and the smoothness of banks and financial institutions in granting real estate loans in achieving this result, and this is evidenced by the total mortgage value achieved by the first quarter of 39.54 billion dirhams compared to 22.15 billion dirhams in the same period in 2020. And 32.20 billion dirhams in 2019.

What I wanted to say about this issue is that the real estate sector, based on what has been achieved during the first quarter of this year, can achieve much better than that during the remaining periods of it and the year that follows, if it is done at the same pace that it is currently, in terms of Appropriate real estate prices, payment plans and facilities that most real estate developers are currently adopting to facilitate the buying process for dealers, as well as bank facilities for granting real estate financing.

Not only that, but that it will also contribute to absorbing the surplus from the real estate supply, and balancing the supply and demand equation.

Great optimism about the future, but this does not mean that we stop making more efforts to restore a full recovery to the sector.

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