Value of Dubai property deals last year jumps 71% to Dh300bn

Number of transactions up 65 per cent year-on-year, data from Dubai Land Department shows

DUBAI, UNITED ARAB EMIRATES. 18 JANUARY 2021. 
Dubai skyline seen from St Regis hotel on the Palm Jumeirah.
(Photo: Reem Mohammed/The National)

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There were 84,772 property transactions worth a total of Dh300 billion in Dubai last year, according to the emirate's land department.

The number of deals was 65 per cent higher on the year as their total value increased 71 per cent compared with 2020, state news agency Wam reported on Wednesday, quoting a report from the Dubai Land Department.

Thirty-five projects worth more than Dh11 billion were completed last year and 319 projects are in progress.

“Dubai’s robust infrastructure, flexible legislations that have kept pace with evolving market conditions, and its safe environment have all contributed to deepening investment confidence in its real estate sector,” said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.

“The rise in investments and the increasing interest shown by global investors in Dubai is testament to the effectiveness of the emirate’s strategic economic initiatives that have sought to strengthen its leadership in various sectors and enhance its global rankings in development indicators. Dubai has a clear vision for the future, and its partnership with the global investment community continues to be vital to its ability to accelerate growth and meet its ambitious goals for the future,” he said.

Highlights from Dubai Land Department 2021 report

— A total of 52,415 investors made 72,207 new investments in 2021 worth Dh148bn, with 73.7 per cent growth in the number of investments, a 65.6 per cent rise in the number of investors, and a 100 per cent increase in the value of investments, compared with 2020.

— There were 6,897 investors from the GCC that made 8,826 investments worth more than Dh16.88bn.

— A total of 6,097 Arab investors made 7,538 investments, with a value exceeding Dh12.4bn.

— 38,318 foreign investors made 51,553 new investments, worth more than Dh99bn.

— 17,705 women made 22,165 investments worth more than Dh38.4bn, a 72 per cent increase compared with 2020.

Most popular areas for deals

— Dubai Marina had the highest number of transactions at 7,968, followed by Business Bay (5,687), Al Thanyah Fifth (5,092), Al Barsha South Fourth (4,813), Hadaeq Sheikh Mohammed bin Rashid (4,352), Burj Khalifa (4,279), Wadi Al Safa 5 (3,536), Al Hebiah Fourth (3,261), Al Merkadh (3,150), and Palm Jumeirah (2,803).

— Dubai Marina recorded the highest value for transactions worth more than Dh28.6bn, followed by Palm Jumeirah (Dh26.6bn), Hadaeq Sheikh Mohammed bin Rashid (Dh15.8bn), Burj Khalifa (Dh14.2bn), Business Bay (Dh13.19bn), Al Thanyah Fifth (Dh8.19bn), Wadi Al Safa 5 (Dh8bn), Al Yufrah 1 (D7.3bn), Al Thanyah Fourth (Dh7.2 bn), and Al Hebiah Fourth (Dh7.19bn).

Mortgages

— The highest number of mortgages were recorded in the Dubai Marina area (1,440), followed by Hadaeq Sheikh Mohammed bin Rashid (1,046), Al Thanyah Fifth (1,015), Burj Khalifa (922), Al Barsha South Fourth (875), Nad Al Sheba 3 (864), Al Yelayiss 2 (717), Al Thanyah Fourth (675), Me’aisem First (655), and Palm Jumeirah (618).

— Palm Jumeirah and Dubai Marina topped the list of areas in terms of the value of mortgages with more than Dh10.39bn and Dh10bn respectively, followed by Al Yufrah 1 (Dh6.49bn), Warsan 2 (Dh4.7bn), Business Bay (Dh4.55bn), Al Barsha South Fourth (Dh3.4bn), Burj Khalifa (Dh3.4bn), Al Wasl (Dh3bn), Al Thanyah Fifth (Dh2.9bn), and Al Thanyah Fourth (Dh2.6bn).

Updated: January 05, 2022, 6:20 PM
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