The report on the total actions for the past year issued by the Dubai Land Department indicated that during the year 2020, 51,414 real estate transactions were recorded, with a value of more than 175 billion dirhams, achieving positive results despite the global outbreak of the Covid-19 pandemic, and the accompanying precautionary measures and measures.
The report revealed a growing performance of various activities, as the value of real estate sales amounted to about 72.5 billion dirhams, representing 35,423 transactions, while mortgages recorded 12,958 transactions with a total value of more than 87.7 billion, while gifts recorded 3,033 transactions, with more than 15 billion.
With regard to new investments during the same year; The report indicated that Dubai attracted 31,648 new investors who concluded 41,571 investments, with a total value of more than 73.2 billion dirhams.
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Sultan Butti bin Mejren, Director General of the Dubai Land Department, said, "The previous data confirm the strength of the emirate's investment environment, and its adaptation to various circumstances, under the directives of the wise leadership aimed at strengthening the capabilities of the real estate sector in Dubai.
The Gulf investor category emerged for the same period through 6,704 investors pumping approximately 14.8 billion dirhams into the Dubai real estate market after the number of their investments in the market reached 8,659.
UAE citizens came first, followed by Saudis, Kuwaitis, Omanis, and Bahrainis.
At the level of Arab investments for the year 2020, the number of Arab investors reached 4,388, all of whom recorded 5,283 deals, with a value of 7.5 billion dirhams.
The Jordanians took the lead, followed by the Egyptians, the Lebanese, the Sudanese, and the Algerians.
While the Indians topped the list of foreign investments, then, the Chinese, the British, the Pakistanis, the French, respectively.
The Dubai real estate market attracted 19,757 foreign investors, who made 24,666 real estate investments, with a total value of more than 35.6 billion dirhams.
Outstanding performance for women:
The performance of women maintained its pace, and during the past year, they continued the historical rates of investment in real estate, as the department’s statistics revealed that 10,300 women pumped more than 15 billion dirhams into 11,723 investments.
By comparing the performance of all investors according to their nationalities, we find that the Indians were the most in-demand for Dubai real estate, topping the list, followed by UAE nationals. The eight ranks on the top ten list were: China, Saudi Arabia, Britain, Pakistan, France, Russia, Jordan, and Egypt.
Dubai Marina ranked first on the list of the top 10 areas in terms of the number of transactions, followed by: Al Barsha South Fourth, Business Bay, Burj Khalifa, Sheikh Mohammed bin Rashid Gardens, Al Thanya Fifth, Al Markadh, Al Yalayes 2, Al Habiah Fourth, and Wadi Al Safa in tenth place.
In the list of the top 10 areas in terms of transaction value, Jebel Ali was the first, while the other nine centers went to Dubai Marina, Al-Markadh, Palm Jumeirah, Sheikh Mohammed bin Rashid Gardens, Burj Khalifa, Business Bay, Al Barsha South Fourth, Al Thanyah Fourth And it was the tenth for the "El Elias 2" area.
Sheikh Mohammed bin Rashid Gardens topped the list of the top 10 areas in terms of the number of mortgages, and the remaining nine ranks were distributed among Al Yalayes 2, Dubai Marina, Al Barsha South Fourth, Jebel Ali First, Burj Khalifa, Al Thanyah Fifth, Me’aisem First, Nad Al Sheba Third and Al Thanyah Fourth.
In the ranking of the top 10 regions in terms of the mortgage value, Jebel Ali stands out first:
In the second place, Palm Jumeirah, then followed by: Al Merkadh, Al Yalayes 2, Nad Hessa, Sheikh Mohammed bin Rashid Gardens, Business Bay, Dubai Marina, Al Barsha South of the Fourth, and at the tenth Seih Al Dahl.
The report quoted Haider Twima, head of real estate research at Valiostraat, as saying: Prices may witness a recovery during the current year for reasons related to a possible end to the price correction cycle, and the positive sentiment closely related to expectations of an improvement in the economy in the future. Real estate prices in the UAE have declined since 2014 due to a combination of factors, the most important of which is the large supply of real estate, negative investor sentiment, low oil prices, and the rise of the dollar. Since the end of 2015 alone, the prices of sales of apartments and villas in Abu Dhabi have decreased by 29% and 11%, respectively. However, the UAE government has taken many steps and introduced reforms to address the huge supply glut in the real estate market and encourage investors to buy, and in 2019 a special committee was formed to limit the launch of new projects and create a more sustainable balance between supply and demand.
However, at least 39,000 new apartments in residential towers and more than 10,000 housing units in villa complexes are expected to be delivered this year in Dubai, which may further inflate the real estate supply in the emirate, according to Asteco, a real estate consultancy, the report said. Asteco indicated that despite the large volume of housing units expected to be delivered this year, the decline in prices may stop as development costs approach the lowest actual level, explaining that since the height of 2008, it has noticed that the selling prices of residential units consisting of one bedroom and living room have been recorded A decline of 51%, while the prices of large homes decreased by 47% in the same period.
Published by Marry Bell