Real Estate News – February 2021
4 March 2021
Check out the latest real estate news, reports by major institutions, and significant regulatory announcements made by the UAE Government and other governing authorities during February 2021.
Real Estate News #1
DLD completes 1.4 million digital services in 2020
Dubai Land Department (DLD) has completed over 1.4 million digital services for its customers during 2020. The services were carried out through its website and other smart channels. The digital services initiative is part of the Smart Dubai vision. HE Sultan Butti bin Mejren, Director-General of DLD, said DLD seeks to position Dubai as the world’s premier real estate destination and a byword for innovation, trust, and happiness. Meanwhile, read the full news here.
Real Estate News #2
Abu Dhabi real estate transaction value increases y-on-y
The value of real estate transactions in Abu Dhabi totalled AED74 billion in 2020. This is according to a report by the Department of Municipalities and Transport. This is up 28% compared with the previous year, which recorded a value of AED58 billion. The emirate executed a total of 19,000 transactions in 2019. Meanwhile, the report also indicated that real estate sales in 2020 amounted to AED30 billion. Meanwhile, read the full news here.
Real Estate News #3
Dubai has the second-highest number of prime properties in the world
A recent report by Knight Frank has revealed that Dubai has the second-highest number of prime properties in the world. While London tops the list with 68,189 prime homes, Dubai has 42,356 units. Sydney (27,436), Hong Kong (21,285), and Singapore (10,416) followed. Dubai is also home to 536 millionaires with a net worth of more than USD30 million. Meanwhile, read the full news here.
Real Estate News #4
DLD’s smart valuation process to include buildings, villas
Dubai Land Department (DLD) has launched the second phase of its smart valuation initiative. It is part of DLS’s drive to strengthen Dubai’s global position as a smart city. This will include buildings and villas. Since its launch in September 2020, nearly 1,700 units have been valued in the first phase. In addition, a recent survey by DLD has revealed that the first phase recorded 100% customer happiness and valuation accuracy. Meanwhile, read the full news here.
Real Estate News #5
Dubai’s prime areas lifting real estate market
According to property developers and analysts, prime areas in Dubai are leading the recovery in the emirate’s property market. And the most popular of them are Downtown Dubai, Dubai Hills Estate, and The Palm. “The recovery in villa and townhouse segments is going strong, showing a significant rebound that is anywhere between 15-30%,” says Samana Developers CEO Imran Farooq. Meanwhile, read the full news here.