Dubai records 51414 real estate deals worth AED175b in 2020

Dubai records 51414 real estate deals worth AED175b in 2020

DUBAI / WAM

Dubai's real estate market continued to be attractive to local and global investors in 2020, with the sector recording 51,414 transactions representing a value of over AED175 billion, according to the annual transaction report issued by the Dubai Land Department (DLD). The report revealed that real estate sales reached AED72.5 billion with 35,423 transactions, while mortgages recorded 12,958 transactions with a total value exceeding AED87.7 billion, and grants recorded 3,033 transactions worth over AED15 billion. The report also showed that Dubai attracted 31,648 new investors who concluded 41,571 investments worth over AED73.2 billion. The sector was able to achieve a high volume of transactions despite the global Covid-19 crisis, which, according to Sultan Butti bin Mejren, Director General of DLD, "affirms Dubai's robust investment environment and its ability to adapt to various circumstances, guided by the leadership's strategic vision to strengthen the capabilities of the emirate's real estate sector.“ "The 51,414 transactions recorded in 2020 validate the success of the government incentive packages that enhanced the market's attractiveness and provided several opportunities for investors and developers who were keen to continue construction and deliver projects,“ he added. There was strong demand for investment in Dubai's real estate sector