|25 November, 2019

Dubai real estate ‘picks up as Expo 2020 nears’

The real estate market in Dubai offers better opportunities for both investors and tenants, says expert

General view of skyscrapers on Sheikh Zayed Road on September 27, 2017 in Dubai, United Arab Emirates. Image used for illustrative purpose.

General view of skyscrapers on Sheikh Zayed Road on September 27, 2017 in Dubai, United Arab Emirates. Image used for illustrative purpose.

Getty Images/Tom Dulat

Dubai's real estate sales curve is on the rise as the World Expo 2020 Dubai approaches, said Walid Al Zarouni, real estate expert and chairman of W Capital Real Estate Brokerage.

Al Zarouni said the upcoming international event which is less than a year from now, helped drive demand for Dubai's real estate sector.

He showed his great confidence in the effects of new laws and regulations that stimulate the real estate sector in the country during the past few years, which will support the real estate sector, and accelerate its growth during the next year. That will include the term relating to the age limit of 70 years in real estate financing when paying the last instalment, in addition to the event of Expo 2020Dubai which is becoming nearer.

He echoed that the real estate market in Dubai offers better opportunities for both investors and tenants alike during the third quarter of this year.

Zarouni said that the figures and statistics are the best evidence of this rise, whether issued by the Dubai land Department, or one of the well-known real estate global and regional consultants.

Dubai Land Department reports show that real estate transactions in Dubai rose by 12 per cent in 2019, compared to the same period last year.

The department announced a total of 4,774 sale transactions during the month of October, the highest number of deals in the same month since 2008.

The latest studies and data issued by ‘Data Finder’, a platform belonging to the ‘Property Finder Group’, a real estate consultancy specialised in real estate data analysis, show record numbers in real estate sales in Dubai last October, for the first time in 11years, in terms of real estate deals on a monthly basis.

Off-plan sales accounted for 59 per cent of the total property transactions in the emirate, with 2,841 transactions, the highest rate since September2015 and the second-highest month in 11 years.

Off-plan residential units remain the preferred choice for investors, due to its attractiveness in terms of prices, payment plans and exemption from fees.

‘Civil Arch’, real estate specialists, revealed in a separate report that Dubai's real estate sales this year reached their highest level since 2008, thanks to a notable rise due to reasonable costs compared to 2018, as well as expectations of stable and robust growth rates ahead of Expo 2020. Government efforts to grant facilities positively impact asset pricing over the next few quarters.

Palm Jumeirah, Dubai Marina, Downtown Dubai and Jumeirah Village Circle, are the most sought-after areas for real estate sales, while Al Nahda, Dubai Marina, Mirdif, Bur Dubai and Jumeirah, topped the list of most leased areas, according to Civil Arch report. – TradeArabia News Service

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