Dubai real estate sector sees activity

Dubai’s real estate sector is seeing signs of recovery after the first six months saw the completion of approximately 30% – or 14,000 – of the 45,700 residential units scheduled for handover this year, according to ValuStrat. The real estate sector has been hard-hit globally by the Covid-19 pandemic and while significant challenges remain, the figures in ValuStrat’s first half UAE real estate market review show the resiliency in Dubai’s property market. “The sector’s contribution as per latest data, stood at 5.4% (AED80.2 billion, US$21.8 billion), 7.4% (AED15.5 billion) and 3.6% (AED28.7 billion) of GDP at constant prices for the UAE, Dubai, and Abu Dhabi, respectively,” ValuStrat said in the report. Meanwhile, office sales transactions during the second quarter of 2020 saw a significant drop (80.2%) compared to the same time last year. In addition, median office asking rents decreased by 8.6% annually, but remained stable quarterly at AED864 per square metre for office units. © 2020 funds global mena

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