Dubai realty transactions top Dhs4.41 billion

Inayat-ur-Rahman, Deputy Business Editor

The real estate and properties transactions in Dubai valued at Dhs 4.41 billion in total during the week ending Dec.31, 2020. The sum of transactions was 1,319.

83 plots were sold for Dhs 389.34 million, 928 apartments and villas were sold for Dhs1.32 billion.

The top three transactions were a land in Palm Jumeirah sold for Dhs 22.5 million, followed by a land that was sold for Dhs 18.67 million in Jumeirah First, and a land sold for Dhs 22.5 million in Palm Jumeirah in third place.

Al Mamzer recorded the most transactions for this week by 17 sales transactions worth Dhs 94.64 million, followed by Al Hebiah Fourth with 13 sales transactions worth Dhs 29.67 million, and Al Hebiah Third with 9 sales transactions worth Dhs 15 million in third place.

The top three transfers for apartments and villas were an apartment was sold for Dhs 162 million in Marsa Dubai, an apartment was second in the list sold for Dhs 142 million in Business Bay, and thirdly it was a sold for Dhs 63 million in Al Thanayah Fourth.

The sum of the amount of mortgaged properties for the week was 3 billion, with the highest being a land in Palm Jumeirah, mortgaged for Dhs 1 billion.

Meanwhile, a leading UAE-based real estate development company, has revealed sales of more than Dhs812 million in 2020, at a growth rate of 125% compared to 2019, when sales topped Dhs362m.

Islam Ahmed Suleiman, CEO, Reportage Properties told Gulf Today that the growth of the company's sales despite the challenges related to the repercussions of the outbreak of "COVID-19", confirms the strength of the company's performance, and their success in offering real estate units that attract buyers, as well as the stability of UAE real estate sector.

He pointed out that sales during 2020 witnessed continuous growth, where the fourth quarter of the year sales amounted to Dhs244.5m.

Suleiman added that in 2020 the company launched a number of new projects in Abu Dhabi and Dubai, which attracted various segments of buyers in light of providing easy payment plans, special offers and competitive prices.

He explained that the continuation of construction works in all the company's projects despite the challenges of the pandemic, and the near completion and delivery of a number of projects in Abu Dhabi, boosted the confidence of investors and buyers in the company's projects. That also boosted demand, which was reflected in the growth of the company's sales.

The company is developing 4 projects in Dubai.

In Abu Dhabi  company is developing two projects in Al Raha Beach area, “Al Raha Lofts 1”, providing 178 housing units, and “Al Raha Lofts 2”, which will add 124 residential units.

The two projects are expected to be delivered during the first half of 2021.