The real estate bulletin issued by the Dubai Land Department, under the name “Real Estate Sciences”, showed that the real estate market in the emirate has maintained its appeal among local and international investors, despite the unexpected effects of the emerging “Covid-19” virus.
Among the most prominent data included in the bulletin to confirm this, 10,728 new investors entered the market, representing 70% of the total number of investors during the first nine months, from the beginning of the year until the end of last September 2020.
As another indicator of the market’s vitality during the period covered by the prospectus, “Dubai Land” stated that the number of lease contracts that have been documented has reached 369,055 contracts. Although the percentage of renewed contracts amounted to 52% of the total number, the share of new contracts was 48% in the period from January to the end of September 2020.
In the same context, 50 billion dirhams poured into the real estate market as transactions and mortgages, resulting in 706 million dirhams in commissions owed to real estate brokers during the first nine months of 2020.
The newsletter highlights the top five areas for investor attractiveness; In the category of villas, the lead was for Al Habibiya Fourth, “Wadi Al Safa 5”, “Al Yalayis 2”, Airport City and “Wadi Al Safa 7”, while Burj Khalifa, Nad Hessa, Al Habiya Al Awal, Al Barsha, “South Fourth”, and Sheikh Mohammed Bin Rashid Gardens surpassed Over other areas in terms of apartment sales.
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