Dubai has the second-highest number of prime properties in the world

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Dubai has the second-highest number of prime properties in the world after London, according to London-based property consultant Knight Frank. It revealed that London has 68,189 prime units followed by Dubai with 42,356 units. The other three cities that make to the Top 5 are Sydney with 27,436 units, Hong Kong with 21,285, and Singapore with 10,416 units.

Knight Frank in its latest Wealth Report 2021 said, “Only two cities, Dubai (-2 percent) and Buenos Aires (-8 percent) are forecast to see prime values decline. Latin America, with a limited vaccine rollout, is set to recover more slowly than other regions. Dubai’s rate of price decline should slow as travel restrictions ease and the postponed Expo 2020 takes place.”

According to a report by the Dubai Land Department (DLD), Dubai’s real estate sector recorded around 51,414 sales transactions worth Dh175 billion in 2020 despite the coronavirus pandemic and economic uncertainties, During the period, Dubai attracted 31,648 new investors and investments worth over Dh73.2 billion.

Sultan Butti bin Mejren, Director General of DLD told the media, “Dubai’s robust investment environment and its ability to adapt to various circumstances, guided by the leadership’s strategic vision to strengthen the capabilities of the emirate’s real estate sector.”

The 51,414 transactions recorded in 2020 validate the success of the government incentive packages that enhanced the market’s attractiveness and provided several opportunities for investors and developers who were keen to continue construction and deliver projects accordingly.”