The Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum introduced a new law to support the growth of real estate investment funds in the emirate. The announcement comes a day after the Dubai ruler issued a decree promoting the growth of real estate investment funds in the emirate.
Dubai’s property market has been experiencing a post-pandemic surge driven by government-led reforms and initiatives over the last six months.
The real estate market recorded AED 22.7 billion sales in June – highest sales figures in the last 13 years – and reaching almost 71 percent of the total 2021 sales volume, Dubai Land Department (DLD) data revealed.
On July 13, the Dubai real estate market recorded transactions to the tune of over AED1 billion on one day, according to data released by Dubai’s Land Department (DLD).
The transactions included 304 sales deals amounting to AED735.85 million, 77 mortgage deals of AED263.54 million and 12 gift deals worth AED24.3 million.
Lynnette Sacchetto, director of data and digital transformation at Allsopp & Allsopp said the Dubai real estate market has not disappointed this year with consistent growth month-on-month and quarter-on-quarter, despite global and local macroeconomic conditions.
“It is July and we have already reached 70.8 percent of total sales volume of 2021, which is significant to note. And I do not foresee these trends slowing down or shifting anytime soon,” Sacchetto said.
The upward spiral of Dubai’s real estate market in recent weeks has been followed by a slew of laws and government-led reforms we aim to breakdown for you in this article: