Investments continue to pour into the Dubai real estate sector, according to updates from the Dubai Land Department (DLD).
The real estate sector showed continuous flow of investments in May, recording 5,359 investments worth over AED11 billion ($3 billion), DLD explained.
In addition, 11,387 new investors entered the market, comprising 66 per cent of total registered investors since the beginning of the year.
As far as real estate transactions are concerned, 6,021 deals worth AED21.8 billion were recorded in May, achieving a significant growth of 197 per cent in volume and 221 per cent in value compared to May.
Property sales constituted the biggest chunk of transactions (74 per cent) during May.
The top five areas preferred by investors for villas were Hadaeq Sheikh Mohammed Bin Rashid, followed by Wadi Al Safa 5, Wadi Al Safa 7, Al Thanyah Fourth and Palm Jumeirah.
In apartment sales, Dubai Marina, Burj Khalifa, Palm Jumeirah, Business Bay and Al Thanyah Fifth topped the list in May 2021.
“It is expected that the real estate sector will witness increased growth and a greater recovery in the coming period, with the fast-approaching date of Expo 2020, which in turn will attract tourists and visitors from around the world and constitute a great opportunity for the real estate sector to strengthen its position regionally and globally,” DLD said.
Caribbean Airlines to cut staff as demand slumps