Dubai: Dubai’s real estate market carried on being the attraction for local and global investors in 2020, with the sector recording 51,414 deals representing a value of more than Dh175 billion, as per the annual transaction report provided by the Dubai Land Department (DLD).
The sector was capable of gaining a high volume of deals rather than the global COVID-19 crisis and the go along with the precautionary measures that posed a direct shadow on several sectors, affecting individuals and also on public and private institutions and hanging on to various commercial activities and air traffic for various months.
The report showed that real estate sales touch the margin of Dh72.5 billion with 35,423 deals, while loans recorded 12,958 deals with a total value exceeding Dh87.7 billion and provide recorded 3,033 deals costing of more than Dh15 billion.
The report also provided that Dubai fascinated 31,648 new investors who concluded 41,571 investments costing over Dh73.2 billion.
“The data affirms Dubai’s robust investment environment and its ability to adapt to various circumstances, guided by the leadership’s strategic vision to strengthen the capabilities of the emirate’s real estate sector. The release of data on transactions in 2020 is aligned with our transparent approach to keep all stakeholders in the market, especially investors, informed and help them develop investment plans to benefit from the emirate’s investment climate,” said Sultan Butti bin Mejren, Director General of DLD.
Key Nationalities
There was a high demand for investment in Dubai’s real estate sector from DCC investors in 2020, with 6,704 investors noting 8,659 investments costing about Dh14.8 billion. Emiratis were number 1 in the list of GCC nationals and then comes Saudis, Kuwaitis, Omanis and Bahrainis.
4,388 Arab investors filed 5,283 transactions costing a total value of almost Dh7.5 billion. Jordanian investors were among the first ones and then comes Egyptian, Lebanese, Sudanese and Algerian investors.
Indian were on number 1 position in the list of foreign investments, then came Chinese, British, Pakistanis and French. Dubai’s real estate market fascinated 19,757 foreign investors, which resulted in 24,666 investments costing more than Dh35.6 billion.
DLD’s statistics also provided that 10,300 women provided 11,723 investments costing over Dh15 billion. Indians also were in the first position on the list of nationalities investing in Dubai’s real estate market, followed by Emiratis. Then in the third position comes China, followed by KSA, UK, Pakistan, France, Russia, Jordan, and Egypt.
Areas that the recorded highest transactions
Dubai Marina on the top of the list of areas in terms of the number of deals then comes Al Barsha South Fourth, Business Bay, Burj Khalifa, Hadaeq Sheikh Mohammed Bin Rashid, Al Thanyah Fifth, Al Merkadh, Al Yelayiss 2, Al Hebiah Fourth, and Wadi Al Safa 5.
Jebal Ali First was on the first position on the list of areas in terms of the value of transactions, followed by Dubai Marina, Al Merkadh, Palm Jumeirah, Hadaeq Sheikh Mohammed Bin Rashid, Burj Khalifa, Business Bay, Al Barsha South Fourth, Al Thanyah Fourth, and Al Yelayiss 2.
Hadaeq Sheikh Mohammed Bin Rashid was on the first position on the list of areas in terms of the number of loan followed by Al Yelayiss 2, Dubai Marina, Al Barsha South Fourth, Jabal Ali First, Burj Khalifa, Al Thanyah Fifth, Me’aisem First, Nad Al Sheba 3, and Al Thanyah Fourth.
Jebel Ali First topped the list of areas in terms of the value of mortgages, followed by Palm Jumeirah, Al Merkadh, Al Yelayiss 2, Nad Hessa, Hadaeq Sheikh Mohammed Bin Rashid, Business Bay, Dubai Marina, Al Barsha South Fourth, and Seih Al Dahl.
Bin Mejren concluded: “We have undoubtedly faced enormous challenges, but we were able to navigate the situation caused by the pandemic and respond effectively to government directives on community safety and public safety. Our Dubai REST application and website played a big role in maintaining market momentum by keeping communication channels open with all stakeholders and continuing to provide all services speedily and easily. The data revealed in this report is reassuring, and we expect continued growth this year, especially following the launch of the National Vaccination Programme and in the run-up to Expo 2020 Dubai, the globally awaited event that will showcase Dubai’s capabilities and attractiveness to visitors.”