Dubai’s ready home sales rise sharply to $2.3bn in February

Dubai’s ready home sales rise sharply to $2.3bn in February

15 March 2022 – The National News –

The Dubai Marina skyline. Property prices have rebounded in Dubai after the pandemic disrupted the global economy. AP

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.



Click one of our contacts below to chat on WhatsApp

× How can we help you?