Dubai Real Estate gradually returning to normal
The cosmopolitan city of Dubai which is synonymous with the plush shopping malls, penthouses and real estate activity is fast returning to normal. The operations which had taken a back seat due to the Covid pandemic are gaining momentum.
As per the figures issued by Dubai Land Department (DLD) Dubai real estate market witnessed transactions worth AED 24.5 billion in the first half of 2020. The report further states that real estate transactions for the second quarter of 2020 is expected to exceed AED 24.5 billion with 7834 procedures while 22,779 procedures were recorded during H1 2020, representing a total value of AED 72.5 billion.
Throwing light about these transactions was serial entrepreneur Matt Ti who enthused, “Dubai Real Estate sales transactions are bouncing back to pre Covid levels. Number of transactions increased significantly over the last three weeks. The consistency in property sales jumped by nearly 11 percent.”
In terms of mortgage registrations of lands, buildings and units in Q2 2020, Hadaeq Sheikh Mohammed bin Rashid was placed first with 205 transactions worth AED 341 Million, followed by Me’aisem First 113 transactions worth AED 113 million, Jabal Ali First with 107 transactions worth AED 156 million. The next seven positions were secured Burj Khalifa, Al Yelayiss 2, Dubai Marina, Al Thanyah Fourth, Al Barsha South Fourth, Wadi Al Safa 7, and Al Thanyah Fifth respectively.