Dubai property sector gains pace as realty deals reach Dhs4.9 billion

Inayat-ur-Rahman, Business Editor

A total of 1,724 real estate transactions worth Dhs4.9 billion were conducted during the week in Dubai, according to figures released by the Dubai Land Department.

A total of 139 plots were sold for Dhs784.14 million in addition to 1,172 apartments and villas for Dhs2.73 billion.

The top three transactions were a land in Al Thanayah Fourth sold for Dhs 50 million, followed by a land that was sold for Dhs43 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs50 million in Al Thanayah Fourth in third place.

Al Hebiah Fifth recorded the most transactions for this week by 62 sales transactions worth Dhs134.73 million, followed by Al Hebiah Fourth with 21 sales transactions worth Dhs154.78 million, and Al Yufrah 2 with 15 sales transactions worth Dhs15 million in third place.

The top three transfers for apartments and villas were an apartment was sold for Dhs383 million in Marsa Dubai; the second was sold for Dhs270 million in Business Bay, and the third apartment was purchased at Dhs 252 million in Business Bay.

Mortgaged properties for the week amounted to Dhs1.25 billion, with the highest being a land in Al Muteena, mortgaged for Dhs113 million.

A total of 55 properties were granted between first-degree relatives worth Dhs196 million.

Meanwhile, real estate expert,  Walid Al Zarooni stressed the fact that the security and  stability standards forge the added value of the real estate sector in the United Arab Emirates, compared to other markets around the world.

Al Zarooni, W Capital Real Estate Brokerage chairman,  said that the UAE gained superiority to all countries in the region by providing the advantage of security and political stability, which is a source of confidence and of great importance for capital inflow. That is added to the diversity of promising and fruitful sectors, especially real estate.

He pointed out that security and political stability is one of the most important factors affecting the future of real estate investments in the UAE where   investors are attracted by many incentives. At the top of the list come security, safety and stability, thanks to the availability of security services of international standards. He noted that the UAE is home for more than 200 nationalities from different cultures and ethnicities.

Al Zarooni added that the UAE has succeeded in enhancing the security and safety measures in line with the best practices globally, which contributed to confirming its global position as a safe heaven for real estate investments regardless of the emergency circumstances such as covid-19. The UAE policies, rules and directives, the wise leadership support, vigilance and cooperation of the UAE people in various fields, and at all levels, resulted in making the UAE an oasis of security, safety and stability.

Walid Al Zarooni stressed that the UAE has already scored high ranks on the various peace and security indicators that track the most preferred countries to live happily and work. The UAE also ranks at the top of other indicators that track the economic, social, political and security standards in developed countries. Most international organizations and bodies acknowledge the UAE’s most secure and stable standards.

According to the “Gallup Index” for the year 2021, the UAE has retained its regional lead for the third year in a row, while it has jumped to second place globally, which reflects the steady success achieved from year to year in enforcing pillars of security, order and enhancing the rules and law for all its residents.

This comes after the UAE was ranked first in the Middle East and North Africa, and third globally for the second time in a row, namely, 2019 and 2020 edition of the same index. In 2021, the UAE scored 93 out of 100 points, compared to 92 in the previous year.

In the residents’ feeling of safety when roaming category, the UAE continue the success story in the index, winning the first place globally where 95% of the UAE population expressed their feeling of safety when they roam streets alone. This make the UAE a global lead. Norway came second with 93%, whereas China came third with 91%.

Abu Dhabi ranked first in the Arab world and the Middle East, on the list of the most livable cities. That was set by the annual ranking for 2021, issued  by “Economist Intelligence” index run by  “The Economist”,  the famous British magazine .

The Chairman of “W Capital Real Estate Brokerage” indicated that the Dubai real estate sector is one of the most important markets in the world to invest in, thanks to the nature of this type of investment related to security and economic stability. He added that the real estate sector in Dubai proved to be vital and robust during the Covid-19 crisis. The real estate transactions in the emirate still show figures that reflect the fast pace of work in the sector that never slow down.

Al Zarooni called on the real estate investors to keep alert so as not gamble with markets outside the country where measure of safety and political stability are poor. He warned against buying real estate in countries that are politically and security unstable because at that time they put their investments to risk.