Real estate transactions in Dubai rose an annual 10 per cent during the first quarter on the back of government policies to support the economy in the wake of coronavirus pandemic, according to listings portal Property Finder.
Total property sale transactions during the period ending March 31 reached 10,243, Property Finder said in a statement on Thursday. The month of March alone recorded 3,124 sales transactions worth Dh6.99 billion.
“During the current situation, we have obviously seen a slow down in transactions, however, due to the governments proactive, swift, extreme efforts and policies I believe we will get through this tough period quicker than most," said Lynnette Abad, director of data and research at Property Finder. "The real estate market will start to transact again and will continue the trend where it left off in the first quarter”.
Mortgage registrations during the quarter were consistently higher than 2019 on a weekly basis, according to the report. The month of March had more than 1,209 mortgage registrations, which is the highest number since October 2019 and 24.8 per cent more than March 2019.
Downtown Burj Khalifa, Business Bay, Dubai Marina, Mohammed Bin Rashid City and Jumeirah Village Circle recorded the highest overall property sales transactions during the period.
In off-plan sales, Business Bay, Downtown Burj Khalifa, Mohammed Bin Rashid City, Jumeirah Village Circle and Palm Jumeirah topped the list.
The UAE government announced a number of new initiatives to support the economy in the wake of the coronavirus pandemic.
Last month the Central Bank of the UAE rolled out a Dh100bn economic stimulus, which it increased to Dh256bn. The regulator reduced reserve restrictions on bank deposits and massively expanded its Targeted Economic Support Scheme. In parallel, the UAE government pushed out Dh126bn in fiscal stimulus.
The regulator is providing facilities to banks to help them give customers loan repayment holidays and a reduction in charges.
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
GROUP RESULTS
Group A
Results
Ireland beat UAE by 226 runs
West Indies beat Netherlands by 54 runs
Group B
Results
Zimbabwe tied with Scotland
Nepal beat Hong Kong by five wickets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
