Real estate transactions in Dubai climb to $462.8 million on Wednesday as property demand soars

On 22 June, Dubai witnessed the completion of 486 sales transactions worth AED 1.31 billion, in addition to 93 mortgage deals worth AED 360.57 million, and 10 gift deals amounting to AED 30.74 million

Dubai’s real estate market recorded transactions worth $462.8 million (AED 1.7 billion) on Wednesday, 22 June, up from $380 million (AED1.2 billion) on Monday, 20 June, as the strong momentum in property demand continues.

On 22 June, Dubai witnessed the completion of 486 sales transactions worth AED 1.31 billion, in addition to 93 mortgage deals worth AED 360.57 million, and 10 gift deals amounting to AED 30.74 million, according to data released by Dubai’s Land Department (DLD).

The sales included 424 villas and apartments worth AED 1.08 billion, and 62 land plots worth AED 231.57 million.

Meanwhile, mortgages completed on Wednesday included 77 villas and apartments worth AED 187.14 million and 16 land plots valued at AED 173.44 million, bringing the total realty transactions of today to more than AED 1.7 billion.

Last week, Dubai recorded real estate and property transactions worth $1.8 billion (AED 6.7 billion) in total during the week ending Friday, 17 June.

The sales included 213 plots worth AED 1.03 billion, as well as 1,652 apartments and villas worth AED 3.8 billion.

The top three transactions included land in Palm Jumeirah sold for AED 53.85 million, followed by land sold for AED 45.1 million in Al Barsha 1, and land sold for AED 53.85 million in Palm Jumeirah.

Al Hebiah Fifth recorded the most transactions this week with 75 sales transactions worth AED 161.08 million, followed by Jabal Ali First with 37 sales transactions worth AED 122.87 million, and Al Merkadh with 30 sales transactions worth AED 301 million.

The top three transfers for apartments and villas were an apartment was sold for AED 436 million in Marsa Dubai; an apartment sold for AED 431 million in Burj Khalifa, and an apartment sold for AED 428 million in Palm Jumeirah.

The sum of mortgaged properties for the week was AED 1.67 billion, with the highest being land in Al Karama mortgaged for AED 182 million.

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How Tecom Group’s IPO will impact Dubai’s commercial property market

 

The listing will increase transparency and will be a barometer of investor appetite, while offering other added benefits for the office real estate sector, experts told Arabian Business

Tecom Group’s initial public offering (IPO) will be a barometer of investor sentiment towards Dubai’s commercial property market as well as bringing added transparency, industry experts told Arabian Business.

Part of Dubai Holding Asset Management’s portfolio, Tecom Group is listing 12.5 percent of shares in an IPO on the Dubai Financial Market amidst a regional boom.

“Dubai is currently riding a wave of recently floated IPOs with this opportunity set to become one of the most significant in recent years,” said Anthony Spary, head of office Investor Leasing & Retail at CBRE Middle East.

“Tecom Group has clearly demonstrated itself as a leading institution in Dubai that provides an ecosystem encouraging innovation across the emirate. With an occupancy level of approx. 83 percent across its portfolio of 21.1M sqft of leasable area, Tecom Group’s offering will likely prove very attractive to potential investors,” he continued.

The IPO comes in at a time when the Dubai’s real estate market is booming, having witnessed 6,651 real estate transactions worth $4.98 billion (AED 18.3bn) in May 2022, marking the highest figures for the month of May in 13 years in terms of real estate sales volume and value.

“The IPO is another positive step to diversify the real estate market and will likely further encourage both local and foreign investment. At a time when Dubai’s real estate market is strengthening rapidly, I believe it is a further vote of confidence that the city is going in the right direction and will position itself for further growth,” explained Spary.

“As we’ve seen with the likes of Brookfield entering the market recently, the greater the level of foreign investment in the market will only add to the attractiveness of further foreign investment.”

Spary added: “Ultimately, this will bring with it a wealth of international best practice that will add further weight to Dubai being a leading business hub. With Dubai Holding remaining as the holding company of the newly listed company, I believe this will also assist in ensuring it remains aligned with Dubai Holding’s key objectives and continues to focus on its core DNA of innovation.”

Qualified institutional, exempt and the UAE retail offers for Tecom Group’s IPO are expected to run from 16 to 23 June and the listing on the Dubai stock exchange likely to be July 5 with lead managers including Emirates NBD Capital and First Abu Dhabi Bank.

“The pending IPO of a stake in Dubai office park provider Tecom is a welcome step in the further maturity, and pathway to added transparency, for the Dubai commercial real estate market,” said Declan King Mrics – MD & group head real estate ValuStrat.

“As a leader in the provision of world class leased office park destinations in Dubai, the Tecom IPO offers opportunities for both institutional and retail investors to indirectly allocate to a property sector that has witnessed strong post-Covid growth – well located Grade A office space has performed well, with both rental and capital values rising, as commercial activity in Dubai recovers and grows.

“As the city further positions itself as a headquarter location for both regional and global businesses, with increased company registrations, sentiment for this segment remains positive. How the shares trade on open and going forward will be a useful barometer for the office sector, with their price being one measure of investor appetite for business park workspace.

“The IPO is particularly welcome at this time, as we see increased institutional investor interest in Dubai, with allocations now coming from Europe and North America in a way that was not seen even a few short years ago. The transparency and market data that the listing will offer, will give such players further confidence in our real estate market,” he continued.

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Dubai real estate sees continued surge in demand with transactions worth $490 million on a single day

 

Transactions on Tuesday, May 17, included sales of 342 villas and apartments worth AED 1.11 billion, and 49 land plots worth AED 295.09 million

Dubai real estate market recorded real estate transactions worth $490 million (AED 1.8 billion) on Tuesday, May 17.

The real estate transactions included 391 sales transactions worth AED 1.4 billion and 60 mortgage deals worth AED 336.86 million.

The sales included 342 villas and apartments worth AED 1.11 billion, and 49 land plots worth AED 295.09 million.

The mortgages included 51 villas and apartments worth AED 219.65 million and nine land plots valued at AED 117.21 million, bringing the total realty transactions on Tuesday to more than AED 1.8 billion.

The realty transaction also included 57 gift transactions amounting to AED 64.67 million on Tuesday, according to data released by the Dubai Land Department (DLD).

In April 2022, Dubai witnessed 6,983 real estate sales transactions worth $4.9 billion (AED 18.2 billion), recording the highest ever for the month since 2009.

Secondary market sales transactions, comprising 60 percent of the total, constituted 4,212 transactions worth AED 12.86 billion, while off-plan properties, comprising the remaining 40 percent, constituted 2,771 properties worth a total of AED 5.33 billion in the month of April.

Looking ahead, property agent haus & haus has released a bullish report into Dubai’s property market, with its managing director predicting prices to as much as double within the next 10 years.

Over the next decade, Dubai’s growing population of long-term residents is expected to absorb the shrinking supply of new properties and investors will continue to put their money in businesses in the region, according to the haus & haus updated investment guide for 2022.

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