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Dubai records 84,772 real estate transactions worth AED300 billion in 2021: DLD

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DUBAI, 5th January, 2022 (WAM) — Dubai's real estate market continues to serve as a key driver for the growth of various sectors and economic activities in the emirate, with the sector recording 84,772 transactions representing a value of AED300 billion in 2021, according to the annual transaction report issued by the Dubai Land Department (DLD).

Guided by the leadership’s directives and strengthened by the government’s economic stimulus packages and the emirate’s hosting of Expo 2020 Dubai, the sector was able to achieve a high volume of transactions last year. Additionally, the strong fundamentals and attractiveness of Dubai’s real estate market and flexible and transparent procedures continued to draw investors from around the world.

The report revealed a 65 percent growth in the number of transactions and a 71 percent increase in value compared to 2020. A total of 52,415 investors concluded 72,207 new investments in 2021 worth AED148 billion representing a 73.7 percent growth in the number of investments, a 65.6 percent rise in the number of investors, and a 100 percent increase in the value of investments compared to 2020. Reflecting the sector’s ability to achieve progress despite the current exceptional circumstances, the results further reinforce its leading regional and global position.

Commenting on the results, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said, "The directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the world’s best city to live and work has served as a key driver in increasing its attractiveness as a global investment destination.

"Dubai’s robust infrastructure, flexible legislations that have kept pace with evolving market conditions, and its safe environment have all contributed to deepening investment confidence in its real estate sector. The rise in investments and the increasing interest shown by global investors in Dubai is testament to the effectiveness of the emirate’s strategic economic initiatives that have sought to strengthen its leadership in various sectors and enhance its global rankings in development indicators. Dubai has a clear vision for the future, and its partnership with the global investment community continues to be vital to its ability to accelerate growth and meet its ambitious goals for the future," Sheikh Hamdan said.

Sultan Butti bin Mejren, Director-General of DLD, said, "Dubai's real estate sector has once again proven its resilience, attractiveness and ability to achieve sustainable growth even during the exceptional circumstances being witnessed globally. The results highlighted in the report bode well for the future as the country ushers in another 50 years of economic development. The real estate sector represents a major catalyst for the growth of various other sectors."

Bin Mejren added that the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the follow up of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum have contributed to strengthening the capabilities of Dubai’s real estate sector and establishing it as the preferred destination for investors both regionally and globally and among the world’s the best cities to live and work.

"We are committed to continue working to achieve our strategic objectives in 2022 to becoming regional and global leaders in the real estate market as well as providing exceptional integrated services to all customers in the sector. We will also continue to develop legislations that will help regulate, encourage and manage investments in the real estate sector, in addition to enhancing knowledge of the real estate culture in the emirate."

The report revealed that there were 6,897 investors from the GCC that registered 8,826 investments worth over AED16.88 billion.

A total of 6,097 Arab investors recorded 7,538 investments, with a value exceeding AED12.4 billion. Dubai’s real estate sector also attracted 38,318 foreign investors, who concluded 51,553 new investments worth over AED99 billion.

DLD's statistics also revealed that 17,705 women registered 22,165 investments worth over AED38.4 billion in 2021, a 72 percent increase compared to 2020. The results indicate that businesswomen have great confidence in Dubai's real estate market.

The Dubai Marina area saw the highest number of transactions, with 7,968 transactions, followed by Business Bay (5,687), Al Thanyah Fifth (5,092), Al Barsha South Fourth (4,813), Hadaeq Sheikh Mohammed bin Rashid (4,352), Burj Khalifa (4,279), Wadi Al Safa 5 (3,536), Al Hebiah Fourth (3,261), Al Merkadh (3,150), and Palm Jumeirah (2,803).

Dubai Marina also saw the highest value of transactions with over AED28.6 billion, followed by Palm Jumeirah (AED26.6 billion), Hadaeq Sheikh Mohammed bin Rashid (AED15.8 billion), Burj Khalifa (AED14.2 billion), Business Bay (AED13.19 billion), Al Thanyah Fifth (AED8.19 billion). Wadi Al Safa 5 (AED8 billion), Al Yufrah 1 (AED7.3 billion), Al Thanyah Fourth (AED7.2 billion), and Al Hebiah Fourth (AED7.19 billion).

The highest number of real estate mortgages were also recorded in the Dubai Marina area (1,440), followed by Hadaeq Sheikh Mohammed bin Rashid (1,046), Al Thanyah Fifth (1,015), Burj Khalifa (922), Al Barsha South Fourth (875), Nad Al Sheba 3 (864), Al Yelayiss 2 (717), Al Thanyah Fourth (675), Me’aisem First (655), and Palm Jumeirah (618).

Palm Jumeirah and Dubai Marina topped the list of areas in terms of the value of mortgages with over AED10.39 billion and AED10 billion respectively, followed by Al Yufrah 1 (AED 6.49 billion), Warsan 2 (AED4.7 billion), Business Bay (AED4.55 billion), Al Barsha South Fourth (AED3.4 billion), Burj Khalifa (AED3.4 billion), Al Wasl (AED3 billion), Al Thanyah Fifth (AED2.9 billion), and Al Thanyah Fourth (AED2.6 billion). The mortgage data reflects the confidence of Dubai’s national and foreign banking sector in the emirate's real estate market, which contributes to the availability of liquidity and cash flows as well as financing solutions offered by banks to encourage investment in Dubai's real estate sector.

The report also revealed that 3,171 new brokers entered the market, increasing the total number of registered real estate brokers to 8,002. According to the report, 2,715 brokers in Dubai's real estate market are women. A total of 1,421 brokerage offices were registered in the emirate.

The value of real estate brokers' commissions in Dubai's real estate market in 2021 exceeded AED3 billion through 12,067 transactions. Ten new real estate valuators entered the market, increasing the total to 71 valuators registered with DLD, and two new valuation offices entered the market, increasing the total to 38.

A total of 35 real estate projects with a value exceeding AED11 billion were completed in 2021 and 319 projects are in progress. Additionally, 602,714 Ejari contracts were registered in 2021, of which 315,222 were new contracts. A total of 6,168 real estate permits were also issued last year.

Furthermore, 49,790 real estate units were registered in 2021. A total of 41,020 units were sold, with a value exceeding AED68.5 billion, while 8,030 villas worth over AED18.2 billion were sold.

Three new real estate service trustee offices were registered in 2021, bringing the total number to 13, while the total number of real estate registration trustee offices remained at 13.

In 2021, DLD issued 4,230 real estate licenses. They were distributed by activity as follows: brokerage in the sale and purchase of properties (1,229), follow-up services (1,173), brokerage in rental properties (890), administrative supervision services for properties (262), purchase and sale of land and properties (159), private real estate rental and management services (128), real estate development (107), commercial complex (91), administrative supervision services for jointly owned property management companies (70), real estate mortgage broker (42) licenses, and shopping centres and malls (33).

The remainder of the licenses were granted for other commercial activities, such as real estate rental and management services for third parties, real estate valuation services, real estate representation office, and real estate survey services, among others.

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Emirates

Mohamed bin Zayed meets with President of Iraq’s Kurdistan Region

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ABU DHABI, 25th January, 2022 (WAM) — His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has met with Masrour Barzani, Prime Minister of the Iraqi Kurdistan Regional Government.

During the meeting held at Qasr Al Bahr, Sheikh Mohamed and Barzani discussed the cooperation and relations between the UAE and Iraq, particularly the Kurdistan Region, across various economic, investment, development and humanitarian fields.

They also exchanged views on developments in the Middle East and efforts to achieve peace, stability and prosperity for its peoples towards a better future founded on cooperation and coexistence.

Barzani expressed his condemnation of the terrorist attack carried out by the Houthi militia on civil areas and facilities in the UAE, and said that it is a serious violation of international laws and norms and a grave threat to regional security.

He also emphasised the importance of aligning international stances to put a stop to this militia and any other terrorist groups and their supporters.

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Emirates

Mohamed bin Zayed receives King Hamad of Bahrain, discusses UAE-Bahrain relations

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ABU DHABI, 25th January, 2022 (WAM) — His Majesty King Hamad bin Isa Al Khalifa of Bahrain arrived in the UAE today on a visit to the country.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received King Hamad upon his arrival at the Presidential Terminal at Abu Dhabi International Airport.

During the meeting held at Qasr Al Bahr, Sheikh Mohamed and King Hamad exchanged cordial talks that embody the depth of the deep-rooted brotherly relations between the UAE and the Kingdom of Bahrain, and ways to enhance them to drive sustainable development in their countries and achieve the aspirations of their peoples and serve their mutual interests.

His Highness Sheikh Mohamed also conveyed to King Hamad the greetings of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and his sincere wishes for health and happiness, and wellbeing and prosperity to the kingdom and its brotherly people.

They also exchanged views on several Gulf, regional and international issues of mutual concern, and discussed the latest developments with regard to the terrorist attack that targeted civil areas and facilities in the UAE and the measures taken by the UAE in response to this cowardly attack, which violates all international laws and norms and human values.

His Majesty King Hamad expressed the Kingdom of Bahrain’s condemnation and denunciation of the terrorist attack carried out by the Houthi militia, stressing the Kingdom’s support for the UAE against all threats to its sovereignty, security and stability.

He also reiterated the Kingdom's solidarity with the UAE and its full support of all measures taken by the UAE to counter the Houthi militia's attacks and ensure the safety of its citizens and residents, adding that any attack on the UAE is considered an attack on Bahrain.

Furthermore, King Hamad underscored the support shown by many countries for the UAE in light of the terrorist attack, which evidences the UAE's stature in the international community. He commended the UAE's successful efforts, which contributed to the issuance of the United Nations Security Council’s unanimous decision condemning the Houthi militia's terrorist attack and affirming the UAE’s legal right to defend its sovereignty, security, stability and interests.

King Hamad also expressed his wished continued peace and security for the UAE, and extended his best wishes to President His Highness Sheikh Khalifa bin Zayed Al Nahyan His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, wishing further prosperity and progress to the UAE and its people.

The meeting was attended by H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, H.H. Sheikh Tahnoun bin Mohammed Al Nahyan, Abu Dhabi Ruler’s Representative in Al Ain Region, H.H. Sheikh Nahyan bin Zayed Al Nahyan, Chairman of the Board of Trustees of the Zayed Charitable and Humanitarian Foundation; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Sheikh Sultan bin Hamdan bin Zayed Al Nahyan, UAE Ambassador to Bahrain.

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Dubai Mercantile Exchange gained oil producer confidence, consolidated its position as region’s most reliable source of oil pricing: Maktoum bin Mohammed

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DUBAI, 25th January, 2022 (WAM) — H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, affirmed that the Dubai government provided all support needed for the growth of the financial markets operating in the Emirate through developing legislatives framework and infrastructure to allow exchanges to consolidate their presence regionally and globally.

Sheikh Maktoum added that Dubai Mercantile Exchange (DME) was able to gain the confidence of major oil producers and consolidate its position as the most reliable source of oil pricing in the region.

During the meeting, Sheikh Maktoum praised the achievements of DME during the last stage, marking that the successful exchange strategy contributed in the growth of trading volume and enhanced its ability to benefit from the steady growth of crude oil trading in the Middle East and Asia regions.

H.H. Sheikh Maktoum reviewed with the DME board of directors the latest regional and global developments in the sector, especially during the rapid changes experienced by the energy market, and the great growth opportunities that it holds.

Also, Sheikh Maktoum reviewed the qualitative achievements of DME during the last period, as the number of companies using the exchange platform for physical delivery reached 60 companies, and the number of barrels of oil delivered through the DME mechanism reached 2.5 billion barrels. An equivalent of 17 billion barrels was traded, while the number of barrels of oil that are priced according to the Oman Crude Oil Futures Contract on a daily basis is 5.2 million barrels.

DME lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for about 170 million barrels of crude oil per month since 2018, after it was limited to pricing about 30 million barrels per month.

The meeting was attended by Ahmad Sharaf, Chairman and Dubai Holding independent rep.; Nasser Al Jashmi, Secretary-General of Oman's Ministry of Finance; Abdullah Al Harthy, Under-Secretary of Oman's Ministry of Finance, Derek Sammann, Senior Managing Director and Global Head of Commodities, Options and International Markets, CME Group, and Raid Al Salami, DME Managing Director.

DME Oman is pricing more than 170 million barrels of crude oil per month since 2018 compared to around 30 million barrel per month prior to Saudi, Kuwait and Bahrain switch. The contract is regarded as the most reliable crude oil futures price benchmark, due to the quality of Oman Blend, which represents the majority of the GCC crude oil grades.

DME is the first operator of international energy futures and commodities exchange in the Middle East. The company focuses on bringing fair and transparent price discovery and efficient risk management regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a recognised body by the Dubai Financial Services Authority (DFSA) thus, addresses the growing market need for price discovery of sour crude oil.

DME is a joint venture between Dubai Holding, Oman Investment Authority and CME Group. In addition to its core shareholders, global financial institutions and energy trading firms such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Shell, and Vitol have taken equity stakes in DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.

DME is located within the Dubai International Financial Centre (DIFC), a financial free zone designed to promote financial services within the UAE. DME is regulated by the Dubai Financial Services Authority and all trades executed on DME are cleared through and guaranteed by CME Clearing. CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a Recognised Body by the DFSA.

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