Dubai property sector zooms, realty deals hit Dhs7.4b

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The V-shaped recovery is evident as the demand and prices of properties in various areas are on the rise.

Gulf Today, Staff Reporter

The Dubai property market is on a solid growth track as the real estate and properties transactions valued at Dhs7.4 billion in total during the week. The sum of transactions was 2,077.

The Dubai property market witnessed substantial growth in 2021 after a brief setback in 2020 due to the global pandemic. The V-shaped recovery is evident as the demand and prices of properties in various areas are on the rise.

Reports from leading property portals show that Dubai Marina recorded 1,142 transactions worth Dhs2,592 million and 1,543 transactions worth Dhs4,020 million during the first and second quarters of the year.

During the subsequent quarter, 1,678 transactions worth Dhs5,149 million were made in Dubai Marina. Early estimates show that the fourth quarter is going to follow suit and the area is going to sustain its upward trend in the market.

Meanwhile, a leading UAE real estate developer’s sales exceeded Dhs1.5b since January to the end of November 2021, compared to Dhs714mn during the same period of 2020, an increase of more than 110%.

Islam Ahmed Suleiman, CEO, Reportage Properties said that the strong sales during the current year reflect the strength of Reportage’s performance and their flexibility in adapting to challenges, while continuing to launch new projects that meet the needs of customers.

He added that the increase in sales reflects also the upward track of activity in the UAE real estate market, and its ability to overcome the challenges associated with the repercussions of the pandemic.

Reportage Properties sales topped Dhs812mn during 2020, an increase of 125 percent compared to 2019 sales.

Suleiman confirmed that the company is keen to continue making many attractive offers to buyers, which contribute to enhancing sales.

Reportage Properties recently revealed the launch of a special offer on 4 projects under construction in Abu Dhabi, which includes a 5% discount, with only 1% paid until delivery, without down payment.

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