150 billion dirhams in Dubai real estate sales in 2021
17 January 2021 – Dubai Week – www.dubaiweek.ae
Ismail Al Hammadi, Founder and CEO of Al Rowad Real Estate, a specialist in real estate consulting and marketing, stressed that the new year brings positive news for the real estate sector, especially in terms of sales. With the positive effects of the Expo and the large number of investors, foreigners, real estate sector numbers and local market purchasing power improvement continues to recover and grow.
Ismail Al Hammadi said: “The local real estate market has gained the confidence of foreign investors with the excellent government measures taken over the past two years to deal with the effects of Govt 19 such as visas and accommodation. Incentives from various economic circles have contributed to attracting foreign investment and increasing financial flows in the real estate sector.
Al-Hammadi added: “The success of Dubai in particular and the United Arab Emirates in general, the sterilization campaign and the early opening of tourism and airports, in particular, have led to the influx of foreign capital into Dubai. The group of foreign investors moved from rival cities to Dubai for work and residence, due to the package of amenities, although it has recently seen a large and attractive increase in the prices of real estate, compared to other markets.
Following in the footsteps of the local economy, Emirate’s real estate followed suit, with the Dubai economy recording a significant recovery from the effects of Govt 19, with the strong support of Expo 2020 Dubai, boosting the flow of tourists to the Emirate.
Al-Hammadi pointed out that the effects of the Dubai Expo are clearly visible in the emirate’s real estate, which records monthly sales, as evidenced by the actions of the real estate sector, last November with 72 billion dirhams in 2020, 80 billion dirhams in 2019 and 80 dirhams in 2018. The value of annual real estate sales was close to 150 billion dirhams, of which more than 61,000 were real estate sales.
Ismail Al Hammadi expects investors to enter the Emirate’s real estate market from new markets, especially due to the attractions it enjoys, especially the Expo 2020 Dubai contribution and will contribute to strengthening the Emirate’s position this year as one of the best and most important. Investment locations in the region and around the world.
Al-Hammadi pointed out that the latest report by the Federal Center for Competitiveness and Statistics shows the country’s success in attracting the greatest value for investment, and that the performance of the real estate sector in the emirate is commensurate with the number of foreign investments in the country. In its history, with a value of 73 billion dirhams by 2020, the report underscores the great confidence that the national economy will enjoy with foreign investors, despite the effects of Govt 19.
He added, “Positive expectations for the emirate’s economic growth, at a rate of more than 4% this year, are a very positive boost to the real estate sector, which is one of the drivers of the emirate’s economy.”