June 2021 property sales hit a high note for the first time since 2013
With Dubai’s emerging status as the real estate hub, preceding the COVID-19 decline, many have reported a significant growth in the market. A lot of which can be credited to the launch of Dubai’s EXPO 2020. Being the host of the world fair, not only gives the city a ginormous upper hand but it allows room for economic growth, adopting more sustainable resources as well as maintaining the markets upward trend.
Considering the hit the entire industry took during the Pandemic, the industry significantly bounced back during Q1 2021.
The ‘EXPO effect’ is a result of the world series that dates back to 1851. The EXPO as a central hub for businesses for many years has been home to potentials investors, from all over the world. We are talking, hundreds and thousands of investors who are likely to take a dive in the city’s current market.
Moreover, besides travel and tourism which is said to host over 30 million people over the span of the event, governmental changes (investor’s visa), zero property tax and 100% free ownership are factors said to accelerate future growth and lead to a stronger economy.
According to the 12th edition of Mo’asher, Dubai’s official sales price index launched by the Dubai Land Department reported 3,787 sales transactions worth AED 7.43 billion in just February 2021.
“Dubai’s real estate sector has maintained an increasing pace of performance, reflecting the vitality, flexibility and attractiveness of Dubai’s property market by recording 6,388 sales transactions worth AED 14.79 in June 2021, which is the highest in value in eight years” – Dubai Land Department
Legislative security, strict regulations, as well as the city’s projected stability, quality, and reputation for providing a high standard of living are motivating factors for attracting potential investors this season.
The city has for many years, been a leading contender for providing high-quality spaces, with top-notch amenities, as well as many fully-furnished and move-in ready units.
It was also reported that the largest margin of sales took place within regions close to the EXPO site, townhouses/villas in many affordable suburban regions such as Dubai Silicon Oasis, DAMAC Hills 2 (AKOYA), Palm Jumeirah, Arabian Ranches as well as several luxury units within prime areas such as Dubai Marina and Downtown Dubai.