DLD’s bulletin highlights resilience of Dubai property sector

Inayat-ur-Rahman, Deputy Business Editor

According to the real estate bulletin issued by Dubai Land Department (DLD) under the name ‘Real Estate Updates,’ 3,036 new investors entered the market in January and February 2021, representing 62% of the total number of investors during the same period.

The bulletin highlighted the flexibility of Dubai’s real estate sector since the beginning of 2021 and its adaptation to the current circumstances related to the outbreak of COVID-19. This boosted the trust of local and international investors in the emirate’s real estate environment and contributed to the continuity of the flow of real estate investments from the outset of the year, reaching AED 14 billion by the end of February 2021.

The bulletin also revealed many other vital indicators of Dubai’s real estate market, whereby 96,396 Ejari contracts were recorded in January and February 2021, 57% of which were new contracts, and 43% were renewed contracts. Seven new projects were also registered during the same period.

The bulletin also shows that January 2021 achieved a record number of mortgages, with 3,007 mortgages, representing the highest number of mortgages in just one month. The value of mortgages set a new record with a value reaching AED 20.9 billion, the highest since October 2016. January 2021 also recorded the highest number of real estate transactions since March 2017, with 6,638 real estate transactions, valued at AED 29.4 billion, the highest since January 2018.

The bulletin highlighted the top five areas for investor attractiveness. In villa sales, Nad Al Sheba topped the list in January 2021, followed by Hadaeq Sheikh Mohammed Bin Rashid, Wadi Al Safa 5, Al Yelayiss 1, and Jumeirah 1. Hadaeq Sheikh Mohammed Bin Rashid, Dubai Investment Park 1, Wadi Al Safa 7, Al Thanyah Fourth, and Wadi Al Safa 5 topped the list in February 2021.

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

Muhammad Binghatti, CEO, Binghatti Developers told Gulf Today that the real estate sector in Dubai is stimulating the appetite of investors with the improvement of many factors supporting the demand side with the approaching  of Dubai Expo in October 2021.

Binghatti Developers boosted their prominence with the hand over of the second phase of the "Binghatti Avenue" about one year ahead of the deadline.

"The early hand over is an additional achievement that is credited to the company, its ability to implement and its commitment to schedule,” Binghatti concluded.