Around 12,000 units have been sold since the Expo began. The report on Dubai real estate further states that a total of 12,352 properties with a combined value of Dh31.08 billion were sold during October and November. The sold units include around 7,000 secondary or ready residential units worth Dh19.84 billion and 5,352 off-plan units worth Dh11.24 billion.

Lynnette Sacchetto, Director of Research and Data at Property Finder told the media, “The question on everyone’s mind is are we starting to see the effects of Expo 2020 in the real estate market and the trends are giving us the answers.

“It is also interesting to note that 2021 to date had the highest off-plan value since 2009 which was the peak for off-plan sales in Dubai. The data clearly shows that investors and consumers are confident in Dubai’s future which is reinforced by proactive government initiatives, attractive real estate projects and the vision of the city.”

A Reuters poll of property analysts revealed that housing prices in Dubai will extend their rise into next year at twice the rate expected three months ago. The growth will mostly be driven by demand from foreign investors.

Recently, it was also reported that Dubai’s rental market continued to show an upward trajectory in the third quarter of 2021. However, the trend could be short-lived as thousands of new residential units are expected to hit the market by the end of this year. Rents for apartments and villas across the emirate posted quarterly increases of 3 percent and 6 percent, respectively.

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Focusing on the growth in the sales sector this year Alabbar told the media, “These numbers demonstrate once again the resilience of our group, the quality of our products, and the passion of our customers and our employees. I am confident that the Dubai property market is once again a growth story for developers, in light of the UAE’s wise policies, with Emaar perfectly positioned to capitalise on this.”

He added that these numbers are quite promising despite the difficulties faced by the sales and property sector during the Covid-19 pandemic. The numbers show hope even though the hotel and the mal sector is still reeling under the effect of the Covid-19 pandemic. Currently, Emaar is also focusing on other markets like India, Egypt, Saudi Arabia, and Pakistan. Alabbar said that even though UAE and Dubai are still major centres for sale because of their promising growth, the other markets also have a huge untapped potential.

Last year, Emaar properties income decreased by 20 percent, to Dh19.7 billion, while the net profit fell to Dh2.62 billion.

The post Property sales surge by 250% during the first five months of 2021: Emaar appeared first on International Finance.

Nearly 3,000 properties were sold in Bahrain in the first quarter of 2021, which is more than double, thanks to a new set of rules adopted by the government which will support the economy and the real estate sector. Data from the Bahrain Economic Development Board also revealed the transactional numbers have increased dramatically along with the total combined value. According to the listings portal Property Finder, the sales listing has also seen a growth of 10 percent during the first quarter when compared to 2020.

A lot of this success can be attributed to the swift and strategic financial decision taken by the government to support the economy, reported EDB. Ali Al Mudaifa, executive director, investment origination at the Bahrain EDB told the media, “The rise in real estate transactions indicates the growing demand for residential and retail properties in the kingdom, which represents an opportunity for investors and developers who can benefit from Bahrain’s business-friendly regulations such as 100 percent foreign ownership. In addition to local demand, we witnessed a 21 percent surge in real estate transaction value from expat buyers including GCC nationals.”

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ValuStrat said in its report, “On a citywide level, capital values of residential homes commenced a growth trend, a promising signal that the property market has indeed bottomed out. Clear improvements in capital values were observed in 96 percent of locations monitored by the VPI.”

Even though the global slowdown and the coronavirus pandemic did impact the real estate market in Dubai, activities and sales in the market has picked up as more and more people are looking to own their own properties.

Dubai recorded 3787 real estate transactions in the month of February this year, according to the 12th edition of Mo’asher, Dubai’s official sales price index that was launched by Dubai Land Department (DLD) in cooperation with Property Finder. Transactions worth $2 billion were completed during the period, which is an 8.9 percent rise when compared to January.

The report further revealed that around 67 percent of the transactions were for secondary properties whereas, around 33 percent were for off-plan properties. Around 10.3 percent of all sales in the villas/townhouses sector were reported Nad al Sheba, followed by Dubai Hills Estate with 8.3 percent, Green Community with 8 percent, Arabian Ranches with 4.7 percent and Dubailand with 4 percent.

Dubai’s real estate sector recorded around 51,414 sales transactions 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.

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Haider Tuaima, the Head of Real Estate Research at ValuStrat told the media, “A positive trend which commenced H2 of 2019, only cut short by the Covid-19 restrictions last year, now as we welcomed 2021, that trend has intensified with improved investor confidence, boosting demand, with record number of title deeds registered, and a gradual growth towards previous peaks.”

“The average residential annual rent in Dubai was Dh76,910, apartments at Dh55,000 and villas at Dh211,485. Dubai’s residential net yields averaged 6.1 percent, with apartments at 6.4 percent and villas at 4.9 percent. Residential occupancy in Dubai was estimated at 80 percent.”

Dubai recorded 3787 real estate transactions in the month of February this year, according to the 12th edition of Mo’asher, Dubai’s official sales price index that was launched by Dubai Land Department (DLD) in cooperation with Property Finder. Transactions worth $2 billion were completed during the period, which is a 8.9 percent rise when compared to January.

The report further revealed that around 67 percent of the transactions were for secondary properties whereas, around 33 percent were for off-plan properties. Around 10.3 percent of all sales in the villas/townhouses sector were reported Nad al Sheba, followed by Dubai Hills Estate with 8.3 percent, Green Community with 8 percent, Arabian Ranches with 4.7 percent and Dubailand with 4 percent.

The post Residential capital values in Dubai drops 11% in Q1 2021 appeared first on International Finance.

The report further revealed that around 67 percent of the transactions were for secondary properties whereas, around 33 percent were for off-plan properties. Around 10.3 percent of all sales in the villas/townhouses sector were reported Nad al Sheba, followed by Dubai Hills Estate with 8.3 percent, Green Community with 8 percent, Arabian Ranches with 4.7 percent and Dubailand with 4 percent.

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.”

The post Dubai records 3,787 real estate sales transactions in February appeared first on International Finance.

He further revealed that around 10 million real estate ownership documents out of an estimated 100 million had already been digitised as part of the process. The digitalisation of the real estate sector is in line with the Kingdom’s policy to diversify its economy and reduce its dependency on oil.

It is also reported that Saudi Arabia-based real estate developer Dar Al Arkan has announced the launch of a new prime real estate development in the heart of Makkah. The upcoming project, which is being called ‘Dar Al Mashaer’, is a seven-tower development, covering 6,300 square meters of two, three and four-bedroom apartments, six penthouses and a private swimming pool.

In this regard, Chairman of Dar Al Arkan Yousef Al Shalash told the media, “The launch of Dar Al Mashaer offers an exclusive investment opportunity and the fulfillment of a dream for every Saudi to own a property in Islam’s holiest city.”

Last month, it was reported that the Real Estate Consultant application and platform of the Saudi Real Estate Development Fund (REDF) provided services to more than 1 million beneficiaries since its launch in 2018.

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Knight Frank in its latest Wealth Report 2021 said, “Only two cities, Dubai (-2 percent) and Buenos Aires (-8 percent) are forecast to see prime values decline. Latin America, with a limited vaccine rollout, is set to recover more slowly than other regions. Dubai’s rate of price decline should slow as travel restrictions ease and the postponed Expo 2020 takes place.”

According to a report by the Dubai Land Department (DLD), Dubai’s real estate sector recorded around 51,414 sales transactions worth Dh175 billion in 2020 despite the coronavirus pandemic and economic uncertainties, 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.”

The post Dubai has the second-highest number of prime properties in the world appeared first on International Finance.

The report further revealed that around 11,000 real estate mortgage transactions were completed during the period amounting to Dh44 million. Lands and buildings made up the majority of these transactions, with a value of Dh 42.5 billion, accounting for 96.8 percent of the total value of mortgages made through 7,730 deals. While Khalifa City has the highest value in terms of total sales followed by Yas Islands and Al Reem Island in second and third respectively.

Recently, it was also reported that Dubai’s real estate sector recorded around 51,414 sales transactions 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.”

The post Abu Dhabi sees 19000 real estate transactions in 2020 worth Dh74 bn appeared first on International Finance.

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.

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