Dubai’s real estate sector recorded 51,414 transactions worth more than AED 175 billion in 2020.
That's according to the annual transaction report by the Dubai Land Department (DLD), which said the sector achieved a high volume of transactions despite the global COVID-19 crisis and the accompanying precautionary measures.
The report showed real estate sales reached AED 72.5 billion with 35,423 transactions, while mortgages recorded 12,958 transactions with a total value exceeding AED 87.7 billion. Grants recorded 3,033 transactions worth over AED 15 billion.
It also showed that Dubai attracted 31,648 new investors, who concluded 41,571 investments worth over AED 73.2 billion.
Sultan Butti bin Mejren, Director General of DLD, said the data reflects Dubai's "robust investment environment and its ability to adapt to various circumstances, guided by the leadership’s strategic vision to strengthen the capabilities of the emirate’s real estate sector".
He added that the "51,414 transactions recorded in 2020 validate the success of the government incentive packages that enhanced the market’s attractiveness and provided several opportunities for investors and developers who were keen to continue construction and deliver projects according".
There was also a strong demand for investment in Dubai’s real estate sector from GCC investors in 2020, with 6,704 investors recording 8,659 investments worth around AED14.8 billion. Emiratis topped the list of GCC nationals, followed by Saudis, Kuwaitis, Omanis, and Bahrainis.
A total of 4,388 Arab investors registered 5,283 transactions worth about AED 7.5 billion. Jordanian investors took the lead, followed closely by Egyptian, Lebanese, Sudanese and Algerian investors.
Indians topped the list of foreign investors, followed by the Chinese, British, Pakistanis and French .
Dubai’s real estate market attracted 19,757 foreign investors, who concluded 24,666 investments worth over AED 35.6 billion.
DLD’s statistics also revealed that 10,300 women concluded 11,723 investments worth over AED 15 billion. Indians also topped the list of nationalities investing in Dubai’s real estate market, followed by Emiratis. Coming in third was China, followed by KSA, UK, Pakistan, France, Russia, Jordan and Egypt.
Dubai Marina came first in terms of the number of transactions, followed by Al Barsha South Fourth, Business Bay, Burj Khalifa, Hadaeq Sheikh Mohammed Bin Rashid, Al Thanyah Fifth, Al Merkadh, Al Yelayiss 2, Al Hebiah Fourth, and Wadi Al Safa 5.
Jebal Ali First topped the list for the value of transactions, followed by Dubai Marina, Al Merkadh, Palm Jumeirah, Hadaeq Sheikh Mohammed Bin Rashid, Burj Khalifa, Business Bay, Al Barsha South Fourth, Al Thanyah Fourth, and Al Yelayiss 2. It also topped the list of areas in terms of the value of mortgages, followed by Palm Jumeirah, Al Merkadh, Al Yelayiss 2, Nad Hessa, Hadaeq Sheikh Mohammed Bin Rashid, Business Bay, Dubai Marina, Al Barsha South Fourth, and Seih Al Dahl.
Hadaeq Sheikh Mohammed Bin Rashid scored highest in terms of the number of mortgages, followed by Al Yelayiss 2, Dubai Marina, Al Barsha South Fourth, Jabal Ali First, Burj Khalifa, Al Thanyah Fifth, Me’aisem First, Nad Al Sheba 3, and Al Thanyah Fourth.