Dubai real estate sector records $3bln worth investments in May 2021

6,021 deals worth AED 21.8 billion were recorded in May 2021, according to DLD

  
An Aerial View of Dubai Marina at Sunset in Dubai, United Arab Emirates. Image used for illustrative purpose.

An Aerial View of Dubai Marina at Sunset in Dubai, United Arab Emirates. Image used for illustrative purpose.

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Investments continue to pour into Dubai's real estate sector, if updates from the Dubai Land Department (DLD) are anything to go by.

The emirate’s real estate sector showed continuous flow of investments in May 2021, recording 5,359 investments worth over AED 11 billion ($3 billion), DLD said in a statement.

In addition, 11,387 new investors entered the market, comprising 66 percent of total registered investors since the beginning of the year.

As far as real estate transactions are concerned, 6,021 deals worth AED 21.8 billion were recorded in May 2021, achieving a significant growth of 197 percent in volume and 221 percent in value compared to May 2020.

Property sales constituted the biggest chunk of transactions (74 percent) during May 2021.

The top five areas preferred by investors for villas were Hadaeq Sheikh Mohammed Bin Rashid, followed by Wadi Al Safa 5, Wadi Al Safa 7, Al Thanyah Fourth, and Palm Jumeirah.

In apartment sales, Dubai Marina, Burj Khalifa, Palm Jumeirah, Business Bay, and Al Thanyah Fifth topped the list in May 2021.

"It is expected that the real estate sector will witness increased growth and a greater recovery in the coming period, with the fast-approaching date of Expo 2020, which in turn will attract tourists and visitors from around the world and constitute a great opportunity for the real estate sector to strengthen its position regionally and globally," DLD said in the statement.

(Writing by Seban Scaria seban.scaria@refinitiv.com; editing by Anoop Menon) 

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© ZAWYA 2021


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