Dubai’s real estate market witnessed transactions worth Dh72.5 billion in the first half of 2020, despite the impact of the global COVID-19 outbreak.
Dubai , Dubai
29 July 2020, 12:00 AM
08 August 2020, 12:00 AM
Dubai’s real estate sector records transactions worth Dh72.5 billion in H1 2020. The real estate transactions in Q2 2020 reach Dh24.5 billion, according to a report issued by the Dubai Land Department (DLD).
The figures indicate that Dubai’s real estate sector is gradually returning to normal, driven by the stimulus packages and initiatives launched by the government and its departments in the past few months.
The report states that real estate transactions for the second quarter of 2020 exceeded Dh24.5 billion with 7,834 procedures, while 22,779 procedures were recorded during H1 2020, representing a total value of Dh72.5 billion.
In terms of sales registration of various properties including land, buildings and units in Q1 2020, Al Merkadh ranked first with 631 sales transactions worth Dh1.52 billion, Dubai Marina, second with 515 transactions worth Dh1.1 billion.
There was a marked increase in the number of foreign investors in H1 2020 from the same period last year, with 9,213 investors concluding 11,240 investment deals worth over Dh16.2 billion.