Transactions in the real estate industry have increased by 134% according to the Dubai Land Department. The Dubai Land Department was set up by the Ruler and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum of Dubai. The Deputy Ruler who is the son of the Ruler also chairs the committee. And since this committee was established, real estate transactions have seen a positive turnaround. This has demonstrated that confidence in the property market in Dubai has surged.
The committee is dedicated to ensuring the following protocols,
- Avoid project duplication
- Reach a healthy balance between supply and demand
- This instant impact that Dubai has seen in the increase of property transactions aligns with the objective of the country, to ensure that a sustainable balance is achieved in the real estate market.
The real estate market is indicating that this sustainable balance is displayed in facts and figures as given below,
- Accumulative investments 715,000
- Accumulative investors 374,000
- Total value achieved AED1.4 trillion
The real estate market in Dubai is slowly inching forward, or so it seems, according to the aforementioned data. In fact, the newest data indicates that transactions made from residential sales hit a 4-year high. Home sales have increased since July of this year, and overall, with investors and homeowners taking advantage of the plummet in the property market.
The Rise in Residential Sales
Residential sales have increased by 33.46% in 2019, compared to sales made in 2018. Summer of 2019 has proved to be good for the property market in Dubai. Dh14.94 billion was recorded in residential sales transactions this summer season.
Analysts claim that these are positive signs for the property market, particularly with Expo 2020 around the corner. More growth is expected at the start of 2020 and experts predict that if the property market continues this upward trend to attract investors while the iron is hot, it will propel them to buy residences in the city. It is also the best time to negotiate a fair and attractive deal.
It also indicates that the recovery is not just slow but also solid in comparison to the last few years. The off-plan market has performed the best. Sales of villas, townhouses, apartments and land plots have increased this summer. The secondary housing market has also registered a good run with a 20.43% growth in 2019, with sales transactions amounting to 3,801. The property outlook in the UAE looks positive, with attractive prices targeting a pool of buyers.
How Expo 2020 Can Turn Things Around
Analysts and experts are patiently awaiting Expo 2020. The momentum that has started should only grow in the coming year. Dubai will see an increase in its economic activity, which in turn will impact the property market. This rising trend only affirms why the Dubai property market continues to be a stronghold in the region, and instills confidence in investors around the world.