Dubai’s real estate sector recorded around 51,414 sales transaction worth Dh175 billion in 2020 despite the coronavirus pandemic and economic uncertainties, according to a report by the Dubai Land Department (DLD). During the period, Dubai attracted 31,648 new investors and investments worth over Dh73.2 billion.
Sultan Butti bin Mejren, Director General of DLD told the media, “Dubai’s robust investment environment and its ability to adapt to various circumstances, guided by the leadership’s strategic vision to strengthen the capabilities of the emirate’s real estate sector.”
The 51,414 transactions recorded in 2020 validate the success of the government incentive packages that enhanced the market’s attractiveness and provided several opportunities for investors and developers who were keen to continue construction and deliver projects accordingly.”
It was reported that Dubai’s real estate sector has witnessed the completion of around 14000 residential units during the first six months of this year. This is about 30 percent of the units that are scheduled to be handed over in 2020. According to ValuStrat Price Index (VPI) report, second-quarter residential home sales transactions accounted to 4,459 units, down 48.8 percent quarter-on-quarter and 39.3 percent year-on-year with a value of Dh7 billion and average ticket size of Dh1.57 million.
Last month, Dubai issued a new decree to update the way it deals with unfinished and cancelled real estate projects. The emirate is establishing a new committee to oversee all projects that are cancelled or unfinished. The decree was issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai.