The first half of the year 2020 proved to be a strong first six months for the Dubai real estate market despite an economic slowdown brought on by the ongoing health crisis, the latest report says.
Dubai real estate gradually returning.
According to the Dubai Land Department (DLD), there have been a total of Dh72.5 billion Dubai real estate transactions recorded in H1 2020. Thanks to stimulus packages and other government initiatives, the Dubai real estate is slowly rebounding, Khaleej Times reported. For Q2 2020 alone, the value of transactions exceeded Dh24.5 billion based on 7,834 deals. From January to June, the total number of deals totaled 22,779.
Ready homes sales performed strongly in Q1 2020
Industry experts say that eight months before the pandemic, sales transactions were already growing. Despite the pandemic, Q1 2020 was the strongest quarter for ready home sales since 2014. During the first quarter of 2020, cash sales of ready homes went up 30.4 percent annually. Hence, transactional activity is expected to improve further. That is, if no further lockdown periods are imposed.
Mortgage registrations and sales top three list
Q1 sales registrations for land, buildings, and units saw Al Merkadh leading the pack. Total sales recorded were at 631, with a value of Dh1.52 billion. Following Al, Merkadh is Dubai Marina, with a total of 515 transactions valued at Dh1.1 billion. Ranking third is Barsha South Fourth with a total 430 transaction; total worth was Dh371 million.
Hadaeq Sheikh Mohammed bin Rashid led Q2 in terms of mortgage registration involving lands, buildings, and units, Gulf News said. Total transactions were 205 valued at Dh341 million.
Me' aisem First is second in the list, with 113 total transactions valued at Dh113 million. Rounding out the top three is Jabal Ali First. It recorded 107 total transactions worth Dh156 million.
For the first half of 2020, Hadaeq Sheikh Mohammed bin Rashid was the top-ranked for having the highest mortgage registration transactions. Total transactions were 558 transactions with a value of Dh996 million. Dubai Marina follows with 293 total transactions with a value of Dh817 million. Ranking third is Jebel Ali First, with a total of 272 transactions valued at Dh1.26 billion.
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Meanwhile, Dubai Marina is on top of the list in terms of sales. Total transactions of Dubai Marina is 1,532 valued at Dh3.375 billion. Following Dubai Marina is Business Bay, with sales transactions totaling 1,244. Business Bay's sales transactions for H1 2020 is worth Dh1.653 billion. Al Merkadh ranks third on the list. Total transactions recorded were 1,192 transactions valued at Dh2.522 billion.
Investments status and female investors
A total of 9,160 investors have concluded transactions in Q1 2020. The total value of investments is Dh21.2 billion, while total investments declined in Q2 2020, with 5,528 investors concluding transactions. Investments in Q2 totaled 6,523, with a value of almost Dh11 billion. For the first half of 2020, the total investors who finalized investments are 14,688. Investments finalized in H1 2020 totaled 18,463 valued at Dh32.15 billion.
Women investors had a substantial share of the volume and value of transactions. There were 1,781 female investors who had finalized deals in Q2 2020. Total investments totaled 1,922 worth Dh2.6 billion. Moreover, 4,536 female investors finalized transactions in the first half of 2020. Total investments stood at 5,112 valued at Dh6.6 billion.
