It reached $5.9 billion, the residential sector brought $2.9 billion of this amount
At the moment, the emirate's market has shown an increase of 44% compared to 2020.
According to DLD (The Dubai Land Department), out of $5.9 billion the residential real estate sector brought in $2.9 billion, mortgage registration brought $1.76 billion, and another $1.1 billion was received from direct subsidies to the sector.
"The Dubai real estate sector continues to prove its attractiveness for investment and flexibility in adapting to the new situation thanks to the legislative environment and the infrastructure," DLD comments on these data.
6,021 transactions were made in May, of which 5,359 were purchase and sale transactions. 11,387 new investors entered the market, which accounted for 66% of the total number of investors in the first five months of 2021.
In addition to the recovery growth after the fall in 2020, this trend is influenced by the slowdown in the fall in oil prices from the UAE, as well as the development of e-commerce, which requires the construction of many new warehouse and sorting areas, housing for rental workers.
There is a separate benefit from various incentives for investors: the distribution of golden visas for large depositors, special discount visas for expats of retirement age, simplified obtaining visas for remote workers.
According to the DLD report, in terms of the number of apartment sales, the most active areas in May were Dubai Marina, Burj Khalifa, Palm Jumeirah and Business Bay.
The villa sector performs best in the areas of Hadayek Sheikh Mohammed bin Rashid, Wadi Al-Safa 5, Wadi Al-Safa 7, Al-Taniya 4 and Palm Jumeirah.
The department expects the sector to grow steadily throughout the year, especially pointing to an increase in demand ahead of the international exhibition Expo 2020 at the end of 2021. According to the Dubai Statistics Center, the emirate's economy could grow by 3-4%.
At the moment, the government is actively buying a coronavirus vaccine and creating zones for sorting and vaccinating the population. Including for foreigners coming to the city, as it is necessary to create the most secure conditions for staying in the city before the upcoming exhibition.