Published on : Tuesday, January 24, 2017
The real estate sector in Dubai is going steady and gaining maturity and showing good results since 2016. As per Dubai Land Department (DLD), Dubai recorded a total of 60,595 real estate transactions in 2016, surpassing AED 259 billion in value. DLD said that more than 41,776 sales transactions took place, with total value of AED 103 billion, and mortgage transactions were around AED 128 billion.
To quote HE Sultan Butti Bin Mejren, Director General of the Dubai Land Department, “Dubai is still achieving continued growth which will expectedly continue in the coming years in line with the ongoing preparations to host Expo 2020.” Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, organizers of the International Property Show said that Dubai is among the top global cities showing positive real estate performance. He said that as organizers of the International Property Show, they have seen good numbers of developers, exhibitors, local and foreign investors and consumers who are interested in real estate investment. Dubai is an attractive choice for real estate investors, businessmen, travelers and second home settlers due to its strategic location, cosmopolitan environment, tax-free earnings among other factors. Influx of tourists fuels the real estate business in Dubai. Top countries visiting the emirate include India, Saudi Arabia, the UK, Oman, the US, Pakistan, Russia and China.
With growing number of visitors, holiday home rentals are increasingly becoming popular with budget-conscious travelers. Dubai Tourism has also made holiday home regulations easily accessible and homeowners can apply for license, as long as they meet all required criteria. Dubai holiday homes are mainly located in Dubai’s Palm Jumeirah, Dubai Marina, Jumeirah Beach Residencies, Dubai International and Financial Centre (DIFC) and Downtown Dubai. Currently, around 4200 units are available in Dubai according to the ‘active listing’ in Airbnb and 100% rise in the number of holiday homes in Dubai in H1 2016. Foreign developers and exhibitors are taking steps to cash on into this new trend. Exhibitor companies at the property show are highlighting their holiday homes for attracting international and local investors.