February marked AED 7.7 billion worth of Dubai Property transactions in first 2 weeks
February marked AED 7.7 billion worth of Dubai Property transactions
in first 2 weeks
First half of February seems fab for Dubai Property Market. The value of real estate transactions in Dubai Land Department (DLD) in last two weeks amounted to be more than AED 7.7 billion. The department witnessed the registration of 746 mortgage transactions of worth AED 4.08 billion including 206 pledges of land and 1,544 sales of apartment and villas. Apart from this DLD records 2014 sales transactions of worth AED 3.65 billion including 129 pledges of land and 1885 sales of apartment and villas.
Total Sales Transaction (Feb 01 – Feb15)
Total Transaction – 2014
Total Worth – AED 3.65 billion
Land sale – 129 units
Building (Apartments) – 300
Units (Villas) – 1,585
Total Mortgages (Feb 01 – Feb15)
Total Transaction – 746
Total Worth – AED 4.08 billion
Land sale – 206 units
Building (Apartments) – 241
Units (Villas) – 1,303
Why February is Fab for Dubai property market?
Dubai property market is accelerating and reviving its pace again. From Last two month i.e from Dec 2020, property transactions are gradually going upward. Although, Comparing from January Mortgage transactions, February sales are not even half of that, but total sales transactions shows 30% increase in comparison with January total 3,300 sales transactions.
Top choices that accelerate Feb sales:
As per DLD, Dubai property sales in February first half marked green because of offplan as well as ready to move properties plays a vital role. Data shows the top choices of property buyers are as follows-
Ready Properties:
Buildings- Um Hurair First, Al Rega, Jabal Ali Industrial First Flats & Hotel Apartments – Marsa Dubai, Al Barsha South Fourth, Burj Khalifa Lands – Island2, Al Barsha First, Nadd Hessa As the UAE government amend the laws to attract expats and professionals worldwide, it impacts the business as well as investments in a positive manner. It helps motivating them to buy properties in UAE too. Their first choice is to invest in ready properties. So, if one talks about ready or second sale properties, top choice among buildings is Um Hurair First followed by Al Rega and after that Jabal Ali Industrial First. Marsha Dubai topped in terms of the worth of sales in Flats & Hotel Apartments category. Marsa Dubai is followed by Al Barsha South Fourth and Burj Khalifa. The most important land sales during first week of February are in Island 2 followed by Al Barsha First and then Nadd Hessa
OffPlan Properties:
Villa – Island 2, Hadqeq Sheikh Mohammad bin Rashid, Wadi Al Safa 5 Flats & Hotel Apartments – Business Bay, Burj Khalifa, Al Barsha South Fourth With regard to the off plan properties sales, Villas are on top choices followed by Flats & Hotel Apartments. Island 2 topped in Villas segment followed by Hadeeq Sheikh Mohammad bin Rashid and then Wadi Al Safa 5 in terms of total worth of sales. In regard to Flats & Hotel Apartments sales, Business bay area topped the regions followed by Burj Khalifa and a third in Al Barsha South Fourth.
How banks supported the sales?
Although, UAE bank’s profit are less these days as unprecedented market conditions, low interest rates and pandemic fallout reflected in the banks’ balance sheet. But, at the same time, just to establish the real estate market they provided many more facilities to ease the procedure and even the rate cuts to attract buyers. The collective efforts made by the UAE government & the banks amid pandemic build the sustainability for the buyers, developers and the market sentiments.