Lending for property buyers in Dubai has touched a new record as investors carry on to flock to the market to obtain properties, as per the latest figures from the Dubai Land Department (DLD).
In January 2021, the cost of home loans registered in the emirate touched 20.9 billion ($5.7 billion), the highest since October 2016. Total transaction for the month also hit 29.4 billion dirhams, the highest since January 2018.
The recent counts, as per the DLD, showed that the real estate market in Dubai remains strong and continues to produce investor interest in spite of the coronavirus pandemic.
Dubai’s real estate market has been under tension before the COVID-19 pandemic, owing to the supply glut in the market. Costs and rents decrease further after the pandemic took a heavy toll on the economy.
The previous few months of 2020, however, had witnessed more buyers taking advantage of the low costs, encouraging analysts to calculate that the market is balanced.
As per the DLD’s data, real estate deals in Dubai posted a 17 percent raise in January 2021 when compared to January 2020.
Popular locations
Regarding villa sales, properties in Nad Al Sheba were the most in-demand in January, then comes Hadaeq Sheikh Mohammed bin Rashid, Wadi Wadi Al Safa 5, Al Yelayiss 1, and Jumeirah 1. For February transactions, the most famous locations were Hadaeq Sheikh Mohammed bin Rashid, Dubai Investment Park 1, Wadi al Safa 7, Al Thanyah Fourth, and Wadi Al Safa 5.
Among the apartment buyers, the most desired in January and February were the properties in Dubai Marina, Business Bay, Palm Jumeirah, and Burj Khalifa.