Dubai’s real estate market witnessed transactions worth AED 24.5 billion ($6.7 billion) during the first half of 2020, despite the impact of the global Covid-19 outbreak, according to a report issued by the Dubai Land Department (DLD).
The figures indicate that Dubai’s real estate sector is gradually returning to normal, driven by the stimulus packages and initiatives launched by the government and its departments in the past few months.
Transactions exceed expectations The report states that real estate transactions for the second quarter of 2020 exceeded AED24.5 billion with 7,834 procedures, while 22,779 procedures were recorded during H1 2020, representing a total value of AED72.5 billion.
In terms of mortgage registration of lands, buildings, and units in Q2 2020, Hadaeq Sheikh Mohammed bin Rashid was placed first with 205 transactions worth AED341 million, followed by Me'aisem First with 113 transactions worth AED113 million, and Jabal Ali First with 107 transactions worth AED156 million.
The next seven positions were secured by Burj Khalifa, Al Yelayiss 2, Dubai Marina, Al Thanyah Fourth, Al Barsha South Fourth, Wadi Al Safa 7, and Al Thanyah Fifth respectively.
In terms of sales registration of various properties including land, buildings and units in Q1 2020, Al Merkadh ranked first with 631 sales transactions worth AED1.52 billion, Dubai Marina, second with 515 transactions worth AED1.1 billion, and Al Barsha South Fourth was placed third with 430 transactions worth AED371 million.
These were followed by Business Bay, Wadi Al Safa 5, Hadaeq Sheikh Mohammed Bin Rashid, Al Warsan First, Burj Khalifa, Al Khairan First, and Al Thanyah Fifth respectively in the next seven positions.
Investment status In terms of investments, the report states that in Q1 2020, 9,160 investors concluded 11,940 investments worth AED21.2 billion, while investments in Q2 2020 saw a decline with 5,528 investors concluding 6,523 investments worth almost AED11 billion. A total of 14,688 investors finalised 18,463 investments in H1 2020 worth AED32.15 billion.
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