Real estate transactions in Dubai rose an annual 10 per cent during the first quarter on the back of government policies to support the economy in the wake of coronavirus pandemic, according to listings portal Property Finder.
Total property sale transactions during the period ending March 31 reached 10,243, Property Finder said in a statement on Thursday. The month of March alone recorded 3,124 sales transactions worth Dh6.99 billion.
“During the current situation, we have obviously seen a slow down in transactions, however, due to the governments proactive, swift, extreme efforts and policies I believe we will get through this tough period quicker than most," said Lynnette Abad, director of data and research at Property Finder. "The real estate market will start to transact again and will continue the trend where it left off in the first quarter”.
Mortgage registrations during the quarter were consistently higher than 2019 on a weekly basis, according to the report. The month of March had more than 1,209 mortgage registrations, which is the highest number since October 2019 and 24.8 per cent more than March 2019.
Downtown Burj Khalifa, Business Bay, Dubai Marina, Mohammed Bin Rashid City and Jumeirah Village Circle recorded the highest overall property sales transactions during the period.
In off-plan sales, Business Bay, Downtown Burj Khalifa, Mohammed Bin Rashid City, Jumeirah Village Circle and Palm Jumeirah topped the list.
The UAE government announced a number of new initiatives to support the economy in the wake of the coronavirus pandemic.
Last month the Central Bank of the UAE rolled out a Dh100bn economic stimulus, which it increased to Dh256bn. The regulator reduced reserve restrictions on bank deposits and massively expanded its Targeted Economic Support Scheme. In parallel, the UAE government pushed out Dh126bn in fiscal stimulus.
The regulator is providing facilities to banks to help them give customers loan repayment holidays and a reduction in charges.
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Wicked
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Men
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