Dubai property market flourishes, realty deals hit Dhs4.5b

Inayat-ur-Rahman, Business Editor

The Dubai property market is gaining momentum as the City of Wonders emerges from a COVID-19 induced slowdown bucking the global trends.

A total of 2,020 real estate and properties transactions were valued at Dhs4.5 billion in total during the week, according to Dubai Land Department (DLD).

The DLD weekly report said 119 plots were sold for Dhs 845.1 million, 1,321 apartments and villas were sold for Dhs 2.25 billion.

It noted that the top three transactions were a land in Marsa Dubai sold for Dhs125 million, followed by a land that was sold for Dhs57 million in Al Thanayah Fourth, and a land sold for Dhs 125 million in Marsa Dubai in third place.

Al Hebiah Third recorded the most transactions for this week by 20 sales transactions worth Dhs 61.81 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 14 sales transactions worth Dhs 139.68 million, and Jumeirah First with 14 sales transactions worth Dhs 106 million in third place.

The top three transfers for apartments and villas were an apartment was sold for Dhs 298 million in Marsa Dubai, an apartment was second in the list sold for Dhs 264 million in Al Merkadh, and thirdly it was an apartment sold for Dhs 233 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was 1 billion, with the highest being a land in Al Goze Fourth, mortgaged for Dhs 139 million.

124 properties were granted between first-degree relatives worth Dhs 230 million.

In its latest forecast, rating agency S&P Global also shared positive remarks on Dubai real estate and forecast more than 30 per cent revenue growth in 2021 on supportive market trends for real estate and a gradual recovery in other business segments.

“We expect Dubai’s GDP to rebound about 3.5 per cent in 2021, followed by growth of 2.5 per cent in 2022,” S&P analysts said.

“While we think that structural oversupply in Dubai’s residential real estate sector will linger, we think that demand for good-quality, premium assets will support sales in 2021. We expect 30 per cent to 35 per cent revenue growth in 2021, from high demand for residential real estate in Dubai and recovery in other business segments, namely the retail and hospitality sectors,” they added.

Meanwhile, under the patronage of the Egyptian Ambassador to the UAE, Sherif Mohamed Fouad Al-Badawi, a UAE property developer is organising a special sales day at the Sofitel Abu Dhabi Corniche Hotel on Saturday.

The event includes the launch of “Reportage Properties” a special offer that includes a 10% discount on the company’s projects in the UAE, and 15% on the “Montenapoleone” project in Egypt, upon the buyer’s payment of a 10% as down payment.

Islam Ahmed Suleiman, CEO, Reportage Properties said that the economic and trade relations between the UAE and Egypt are a model to be followed for Arab and regional state relations, that is evident in the continuous increase in joint investments between the two countries.

Suleiman stressed that the recent launch of the “Montenapoleone” project, which is their first project outside the UAE, reflects the stability and strength of the company’s financial position, and its ability to develop more new projects inside and outside the UAE. He noted the strong demand on the residential units in the project from the majority of investors, especially in light of the positive developments witnessed by the Egyptian real estate sector in recent years.

Suleiman pointed to the fact that Reportage is interested in making many special offers, especially during sales events, which is well responded to by buyers, in light of the diversity of offers that suit large segments of customers.  

Reportage Properties is developing 11 projects , providing about 5,000 housing units in the UAE, in addition to the Montenapoleone project, which the company recently launched in Mustakbal City in New Cairo, Egypt, and will be developed in cooperation with Al Ahly Sabbour, the leading developer in Egypt.

The”Montenapoleone”,which  will be built on an area of 465,000 square meters, and include 5,500 housing units, is the first “Reportage Properties” project outside the UAE.