Dubai records Dhs22.9 billion in real estate transactions
The Dubai Land Department bulletin highlights continued atractiveness of the real estate sector to new investors, as 5,683 new investors entered the market in Q1 of 2021
A total of 6,590 real estate transactions in Dubai were recorded in March 2021, valued at about Dhs22.9 billion, according to the real estate bulletin issued by Dubai Land Department (DLD) under the name ‘ Real Estate Updates’.
The bulletin revealed a growth in number by 43 per cent and a growth in value by 40 per cent compared to March 2020. It also noted that March 2021 recorded the second highest number of real estate transactions since February 2017.
The bulletin showed that real estate transactions in Q1 2021 achieved a significant growth of 27 per cent and 47 per cent compared to Q1 2020 and Q1 2019, respectively.
The bulletin highlighted continued attractiveness of the real estate sector to new investors, as 5,683 new investors entered the market in Q1 2021, representing 64 per cent of the total number of investors during the same period. The aforementioned figures revealed the continuity of achieving positive results in 2021, thereby continuing to enhance the trust of local and international investors in Dubai’s attractive and vibrant real estate environment.
The value of real estate brokerage commissions achieved by active real estate brokers in the real estate market reached Dhs392 million in Q1 2021, while 143,374 Ejari contracts were recorded in Q1 2021, 57 per cent of which were new contracts and 43 per cent were renewed.
The bulletin highlighted the top five areas for investor attractiveness. In villa sales, Hadaeq Sheikh Mohammed Bin Rashid topped the list in Q1 2021, followed by Wadi Al Safa 5, Wadi Al Safa 7, Nad Al Sheba 1, and Al Thanyah Fourth. In apartment sales, Dubai Marina, Palm Jumeirah, Business Bay, Burj Khalifa, and Al Merkadh topped the list in Q1 2021.
Separately, a total of 1,638 real estate and properties transactions valued at Dhs3.8 billion were registered during the week ending 22nd April 2021.
93 plots were sold for Dhs513.7 million, 1,086 apartments and villas were sold for Dhs1.76 billion.
The top three transactions were a land in Al Thanayah Fourth sold for Dhs72.38 million, followed by a land that was sold for Dhs38.5 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs72.38 million in Al Thanayah Fourth in third place.
Al Hebiah Third recorded the most transactions for this week by 33 sales transactions worth Dhs91.73 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 15 sales transactions worth Dhs165.93 million, and Nad Al Shiba Third with 15 sales transactions worth Dhs39 million in third place.
The top three transfers for apartments and villas were an apartment was sold for Dhs220 million in Marsa Dubai, a villa was second in the list sold for Dhs209 million in Hadaeq Sheikh Mohammed Bin Rashid, and thirdly it was an apartment sold for Dhs163 million in Burj Khalifa.
The sum of the amount of mortgaged properties for the week was Dhs1 billion, with the highest being a land in Nadd Hessa, mortgaged for Dhs186 million.
90 properties were granted between first-degree relatives worth Dhs421 million.
ISRAELI PROPERTY PURCHASE: Azizi Developments, a leading private developer in the UAE, has become the first developer in the country to register an Israeli property purchase. The developer has received interest from thousands of Israeli nationals since the signing of the historic Abraham Accord, with this DLD registration being the very first official one.
Talking about the historically significant happening, Farhad Azizi, Chief Executive Officer of Azizi Developments, said, “We are delighted to welcome Israeli investors to Dubai’s awe-inspiring and highly growthinclined real estate landscape, and to be the first to officially register an Israeli national as a property buyer. This registration, which is the first of many to come, is a truly monumental move that we are proud to facilitate – we now look forward to offering Israelis world-class properties in a city is that is the best place to visit, live and work in – homes that meet these savvy investors’ aspirations.”
With Israeli nationals representing an exceptionally high demand, Azizi Developments has recently added the nation to its fly-in programme – an initiative it launched to bring international investors to Dubai and showcase the emirate to the world as an ideal hub for business, tourism and innovation.
The first ever property sold and registered to an Israeli investor in UAE history is a one-bedroom home in Creek Views II, one of Azizi’s outstandingly well-connected projects situated in the beautifully landscaped and well-thought-out Dubai Healthcare City. DHCC is the emirate’s health and wellness destination, with direct access to Al Khail Road. This community is not only home to a wide variety of leading, high-tech medical centres, but also comprises an abundance of lifestyle and shopping options. Creek Views II grants picturesque views, as well as an elegant, ultra-modern design and finishing, representing Dubai’s transition from a traditional past to a contemporary, reinvited future.