Dubai’s real estate sales rise 5% to reach Dh21bn in first quarter of 2020
Dubai’s real estate sales rose 5 per cent to reach Dh21 billion in the first quarter of 2020 despite the coronavirus pandemic-driven economic challenges, according to the latest report from the Dubai Land Department.
The total number of sales transactions during the period grew 13 per cent to reach 10,220, said the report, released yesterday.
“The performance of the real estate sector and its contribution to gross domestic product growth remains positive and was strongly reflected in the value of Dubai’s GDP during the first quarter of 2020,” the report said.
The real estate sector grew 3.7 per cent in the first quarter of 2020 compared with the same period last year, DLD said citing data from the Dubai Statistics Centre. In addition, it contributed 8 per cent to gross domestic product growth during the first quarter of 2020, “the largest contribution ever since the first quarter of 2017”.
“This positive trend of growth rates for the real estate sector is expected to continue in 2020 and [in] the coming years, underscoring its role in achieving Dubai’s economic leadership.”
Dubai has supported the local economy with stimulus packages worth Dh6.8bn. It introduced a package worth Dh1.5bn in March and topped it with another worth Dh3.3bn in the same month. The government provided further support worth Dh1.5bn in July and Dh500 million last month. The UAE was the first in the Middle East and North Africa region to introduce eco
nomic stimulus measures, including zero interest funding to banks to boost lending growth. It also unveiled initiatives such as discounted utility bills and fee waivers.
In 2019, the value of real estate transactions rose 2 per cent annually to Dh221bn, according to the report.
Dubai Marina ranked first in terms of transactions in 2019 with 3,920 deals, followed by Business Bay with 3,508, Al Khairan First with 3,142, Hadaeq Sheikh Mohammed bin Rashid with 2,833 and Burj Khalifa with 2,721.