A Record Rise in Dubai Real Estate after the Weather Depression

Real estate transactions in Dubai recorded, within a week, 16 Billion Dirhams, resulting from 4,849 procedures. It included sales of about 10.5 Billion Dirhams (3,870 transactions), mortgages of 4.7 Billion Dirhams (803 transactions), and donations that amounted to 804 Million Dirhams (176 transactions).

During the past 30 days, from April 17 to May 16, that is, after the “roaring” depression, the real estate market in Dubai recorded performance and clear growth in terms of the number and value of deals, compared to the same period that preceded the exceptional weather condition that the UAE and the region were exposed to.

In confirmation of the dynamism of the real estate sector, Dubai real estate sales achieved a jump of 23% in value and 12.5% ​​in number, reaching 39 Billion Dirhams, resulting from 15,200 transactions during the past 30 days that followed the low, compared to the 30-day period that preceded 16th April, which recorded sales of about 32 Billion Dirhams resulting from 10,800 transactions.

The numbers and data provided by the “Dubai Rest” application of the Dubai Land Department prove the strength and solidity of the local real estate market in the emirate and the stability of the performance curve towards continuous and steady growth, in terms of the value and number of transactions, specifically sales, in addition to the attractiveness of the local investment environment in the emirate. The average sales during the month after the “roar” amounted to 1.3 Billion Dirhams per day, compared to 1.06 Billion Dirhams for the same period before the decline, with a growth of 22.6%.

Mortgages also recorded 14.2 Billion Dirhams, through 3,250 procedures, an increase of 12.7% and 45.7% in value and number, respectively, during the same period, compared to 12.6 Billion Dirhams resulting from 2,230 procedures.

As for donations, they recorded 2.85 Billion Dirhams, through 622 transactions, compared to 3.54 Billion Dirhams (482 transactions), a decrease in value by 19.5% and an increase of 29% in number.

Overall, real estate transactions grew by 16.6% and 41% in value and number, respectively, during the 30 days after April 16, reaching 56 Billion Dirhams, resulting from 19,072 procedures, compared to 48 Billion Dirhams (13,512 procedures) in the same period before that aforementioned date above.

On April 16, the UAE and the countries of the region were exposed to a roaring depression, which led to unprecedented heavy rains, described as the heaviest in 75 years, the amount of which is equivalent to what usually falls in an entire year, on some cities, as it caused flash floods in most of the cities, flooding roads, disrupting transportation, and canceling hundreds of flights.

Share The News