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According to official Q1 2020 statistics published recently by the Dubai Land Department, 14,964 real estate transactions were completed in Dubai during the mentioned period, with the total transactions value amounting at AED48.21 billion (US$13 billion), imexre.com portal has reported previously.
Since then, the situation with coronavirus and quarantine in the UAE has improved, restrictive measures had been largely lifted, which has influenced a further increase in the number of real estate transactions. And after May 3, Dubai housing investors put an additional AED1.3 billion (US$353 million) in the real estate sector between April 26 and 30; and another AED427 million (US$116 million) from the beginning of May, which adds up to the total housing transactions value a substantial sum of AED1.72 billion (US$469 million).
Of the 300 or more recent transactions recorded by the Land Department, the bulk of the transactions were apartments, hotel rooms and serviced apartments sales. Customers also actively bought office space in various areas of Dubai.
Some analysts today think that the Dubai real estate market is already beginning to feel the effects of the COVID-19 outbreak, as strict measures to limit the spread of infection, such as closing borders and stopping air traffic, preventing real estate buyers from entering the Dubai housing market.
However, investors have not completely turned their backs on the UAE. Dubai’s real estate continues to attract buyers’ interest, especially, when it comes to the man-made island of Palm Jumeirah. New project launches on the ‘Palm’ island, combined with huge discounts on real estate, led to a large number of requests for purchase properties here from potential investors.
And most brokers confirm that, indeed, right now they are processing a large number of enquiries from clients regarding real estate units on Palm Jumeirah, and there are two main reasons for this. The first is that the island’s further developmentis now entering an exciting new phase with new projects, such as the Nakheel Mall and the new Royal Atlantis hotel under construction. At the same time, current market conditions provide an excellent opportunity to buy property on the island at discounted prices. In many cases, the price drops not even by weeks, but by days, and it’s quite realistic to bargain for a significant discount from the seller.
Palm Jumeirah has concentrated a large number of elite real estate worth over AED1.6 million (US$435,000). And in recent years, prices in this prestigious location, along with prices in other areas of Dubai, have been declining due to the market oversupply with offers.
In March this year, apartment prices on the island decreased by 8 per cent, compared to the same period in 2019.
Therefore, financial advisers today advise potential investors with free capital to seize the opportunity for profitable investments during a pandemic, also taking into account the fact that current prices are the most favorable for those, who buy their first property in Dubai.
Experts claim that now is the best moment for investment, probably, even better than two or three months ago, because now it’s just the perfect moment for investors to enter the market.
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