Lending for homebuyers in Dubai has hit a new record high as investors continue to flock to the market to acquire properties, according to the latest figures from the Dubai Land Department (DLD).
In January 2021, the value of mortgages recorded in the emirate reached 20.9 billion ($5.7 billion), the highest since October 2016. Total sales for the month also hit 29.4 billion dirhams, the highest since January 2018.
The latest figures, according to DLD, highlighted that the property market in Dubai remains resilient and continues to generate investor interest despite the coronavirus pandemic.
Dubai’s property market had been under pressure prior to the COVID-19 pandemic, owing to the supply glut in the market. Prices and rents fell further after the pandemic took a heavy toll on the economy.
The last few months of 2020, however, had seen more buyers taking advantage of the low prices, prompting analysts to predict that the market is stabilising.
According to DLD’s data, real estate sales in Dubai posted a 17 percent growth in January 2021 when compared to January 2020.
In terms of villa sales, properties in Nad Al Sheba were the most in-demand in January, followed by Hadaeq Sheikh Mohammed Bin Rashid, Wadi Wadi Al Safa 5, Al Yelayiss 1 and Jumeirah 1. For February sales, the most popular locations were Hadaeq Sheikh Mohammed Bin Rashid, Dubai Investment Park 1, Wadi Al Safa 7, Al Thanyah Fourth and Wadi Al Safa 5.
Among apartment buyers, the most sought after in January and February were the properties in Dubai Marina, Business Bay, Palm Jumeirah and Burj Khalifa.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021