Dubai Records Real Estate Transactions worth Dhs300bn In 2021

Dubai’s real estate market witnessed 84,772 transactions valued at Dhs300bn in 2021.The emirate recorded a 65 per cent growth in the number of real estate transactions and a 71 per cent increase in value last year compared to 2020, according to the annual transaction report issued by the Dubai Land Department (DLD). A total of 52,415 investors concluded 72,207 new investments worth Dhs148bn last year, representing a 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 to 2020, official news agency WAM reported. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said: “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. 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. 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.” The report revealed that there were 6,897 GCC investors that registered 8,826 investments worth over Dhs16.88bn. A total of 6,097 Arab investors recorded 7,538 investments, with a value exceeding Dhs12.4bn. Dubai’s real estate sector also attracted 38,318 foreign investors, who concluded 51,553 new investments worth over Dhs99bn. Meanwhile, 17,705 women registered 22,165 investments worth over Dhs38.4bn in 2021, a 72 per cent increase compared to 2020. The Dubai Marina area saw the highest number of transactions with 7,968 deals, 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 also saw the highest value of transactions with over Dhs28.6bn, followed by Palm Jumeirah (Dhs26.6bn), Hadaeq Sheikh Mohammed bin Rashid (Dhs15.8bn), Burj Khalifa (Dhs14.2bn), Business Bay (Dhs13.19bn), Al Thanyah Fifth (Dhs8.19bn), Wadi Al Safa 5 (Dhs8bn), Al Yufrah 1 (Dhs7.3bn), Al Thanyah Fourth (Dhs7.2bn), and Al Hebiah Fourth (Dhs7.19bn). The highest number of real estate mortgages were also 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 over Dhs10.39bn and Dhs10bn respectively. A total of 3,171 new brokers entered the market, increasing the total number of registered real estate brokers to 8,002. According to the report, 2,715 brokers in Dubai’s real estate market are women. A total of 1,421 brokerage offices were registered in the emirate. A total of 35 real estate projects with a value exceeding Dhs11bn were completed in 2021 and 319 projects are in progress. Additionally, 602,714 Ejari contracts were registered in 2021, of which 315,222 were new contracts. A total of 6,168 real estate permits were also issued last year. Furthermore, 49,790 real estate units were registered in 2021. A total of 41,020 units were sold, worth over Dhs68.5bn, while 8,030 villas worth over Dhs18.2bn were sold. In 2021, DLD issued 4,230 real estate licenses, distributed by activity as follows: brokerage in the sale and purchase of properties (1,229), follow-up services (1,173), brokerage in rental properties (890), administrative supervision services for properties (262), purchase and sale of land and properties (159), private real estate rental and management services (128), real estate development (107), commercial complex (91), administrative supervision services for jointly owned property management companies (70), real estate mortgage broker (42) licenses, and shopping centres and malls (33). The remainder of the licenses were granted for other commercial activities. Sultan Butti bin Mejren, director-general of DLD, said: “We are committed to continue working to achieve our strategic objectives in 2022 to becoming regional and global leaders in the real estate market as well as providing exceptional integrated services to all customers in the sector. We will also continue to develop legislations that will help regulate, encourage and manage investments in the real estate sector, in addition to enhancing knowledge of the real estate culture in the emirate.”