According to the latest figures released by Dubai Land Department on eMart -- its online real estate portal and the world’s first hi-tech auction hub of its kind -- 44,420 visitors have already visited the site to explore their buying and selling options. More interestingly, 75% of the visitors are UAE nationals, indicating that the ongoing boom in Dubai’s property market is driven by homegrown demand and not artificially inflated by speculation from foreign investors.
However eMart has still attracted a wide diversity of nationalities with Americans (2,996), Britons (932), Saudis (549) and Japanese (515) rounding off the Top 5. eMart’s auctions look set to break more records, having made waves with record sales in its first auction (AED75 million), while the second and third auctions featured properties worth a total of AED27.5 million and an astounding AED190 million respectively.
Commenting on the visitor demographics, Sultan Al Akraf, Senior Director of Real Estate Registration at Dubai Land Department explained: “It is reassuring to see Emiratis making up the majority of our visitors, as this makes Dubai’s property market more sustainable when it is rooted in organic homegrown demand, as opposed to temporary speculation from foreign investors. However we are also delighted to have attracted American, British, Saudi and Japanese participants among numerous other nationalities. This suggests that international investors are keeping a close eye on Dubai as it reclaims its place as a global powerhouse in real estate.”
By blending advanced technology with user-friendly simplicity, eMart is contributing to the Government of Dubai’s drive for smarter e-services. While the crystal clear photographs, location maps and helpful details have been welcomed by the audience, the most praised factors have been the credibility and security of the portal, which has quickly built trust among users.
Sultan Al Akraf added: “When Dubai’s property market resumed its growth, many investors were initially hesitant and they waited to see whether this is long-term growth or a temporary bubble. But our strong base of local buyers and sellers, supported by international investors, suggests that the high transactions we are witnessing on eMart are not a mirage or illusion, but real growth. Therefore this auction portal is an ideal way for investors to keep their finger on the pulse of the market, and benefit from this thriving sector.”