Dubai, UAE, 26 October 2020: The real estate bulletin issued by Dubai Land Department (DLD) under the name ‘Real Estate Updates’ revealed that Dubai’s real estate market has maintained its appeal among local and international investors, despite the unexpected effects imposed by COVID-19.
Of the most prominent data cited in the bulletin to consolidate this fact was the entry of 10,728 new investors to the market, representing 70% of the total number of investors throughout the first nine months of 2020.
As another indication of the market’s vitality during the period covered by the bulletin, DLD reported that 369,055 Ejari contracts were registered from January to the end of September 2020, 52% of which were renewed Ejari contracts and 48% were new ones.
In the same context, AED 50 billion were deposited into the real estate market as transactions and mortgages, resulting in AED 706 million in real estate brokers’ commissions during the first nine months of 2020.
The real estate market in Dubai recorded 3,849 sales transactions in September 2020 worth Dh8.943 billion, surging 55.3 per cent month-on-month reflecting a ‘V-shaped recovery’, latest data from Dubai Land Department shows. In September, weekly sales averaged at 872 with off-plan segment accounting for 46 per cent and the secondary segment claiming 54 per cent, according to sixth edition of Mo’asher, Dubai’s official sales price index DLD has launched with Property Finder.
The bulletin highlighted the top five areas for investor attractiveness. In villa sales, Al Hebiah Fourth, Wadi Al Safa 5, Al Yelayiss 2, Madinat Al Matar, and Wadi Al Safa 7 topped the list.
While Burj Khalifa, Nadd Hessa, Al Hebiah First, Al Barsha South Fourth, and Hadaeq Sheikh Mohammed Bin Rashid surpassed other areas in terms of apartment sales.