15 March 2022 – The National News – www.thenationalnews.com
The value of ready home transactions in Dubai more than doubled annually to Dh8.5 billion ($2.3bn) in February, according to Egyptian investment bank EFG Hermes.
The increase was a result of a UAE property market rebound driven by government initiatives and Expo 2020 Dubai.
Total residential activity rose 34 per cent a year to Dh15.5bn in February, with 6,913 units sold. This was primarily fuelled by a three-time surge in the value of off-plan sales and a 107 per cent rise in the sale of move-in ready homes, the report said, citing Reidin data.
A total of 2,399 off-plan units worth Dh4.24bn were sold in February, compared with 955 homes valued at Dh1.26bn during same period last year.
“The most active areas in Dubai for off-plan sales were Mohammed bin Rashid City, Dubailand, Dubai Marina, Business Bay and Downtown Dubai,” EFG Hermes said.
The UAE property market has recovered from the coronavirus-induced slowdown on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme.
Measures to contain the spread of the pandemic, such as the UAE’s widespread vaccination programme, have also helped the real estate market to recover.