The housing market in Dubai is gaining traction as the City of Wonders recovers from a COVID-19-induced slump, defying global trends.

According to the Dubai Land Department, 2,020 real estate and property transactions totaled Dhs4.5 billion over the week (DLD).

As per the DLD weekly report, 119 plots sold for Dhs 845.1 million, while 1,321 flats and villas sold for Dhs 2.25 billion.

It was reported that the top three deals were a land in Marsa Dubai sold for Dhs125 million, a land in Al Thanayah Fourth sold for Dhs57 million, and another land in Marsa Dubai sold for Dhs125 million in third place.

Al Hebiah Third will have the most deals this week with 20 sales transactions for Dhs 61.81 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 14 sales transactions costing Dhs 139.68 million and Jumeirah First in the third position with 14 sales transactions costing Dhs 106 million.

The top three apartment and villa transactions were an apartment sold for Dhs 298 million in Marsa Dubai, another apartment sold for Dhs 264 million in Al Merkadh, and also an apartment sold for Dhs 233 million in Palm Jumeirah.

For the week, the total number of mortgaged properties was one billion, with the biggest being land in Al Goze Fourth mortgaged for Dhs 139 million.

A total of 124 properties worth Dhs 230 million were awarded to first-degree relatives.

Rating agency S&P Global also offered favorable views on Dubai real estate in its newest prediction, anticipating more than 30% growth in revenue in 2021 depending on supportive market trends for real estate and a steady recovery in other industry categories.

“We anticipate Dubai's GDP to return around 3.5 % in 2021, followed by 2.5% growth in 2022,” S&P analysts stated.

“While we believe that structural oversupply would persist in Dubai's residential real estate industry, we believe that demand for high-quality, premium properties will sustain sales in 2021.” We anticipate 30% to 35% revenue growth in 2021, owing to robust demand for residential real estate in Dubai and a rebound in other business sectors, especially the retail and hospitality sectors,” they said.

Meanwhile, a UAE property developer is holding a special sales day at the Sofitel Abu Dhabi Corniche Hotel on Saturday, with the sponsorship of the Egyptian Ambassador to the UAE, Sherif Mohamed Fouad Al-Badawi.

The event features the introduction of “Reportage Properties,” a special offer that features a 10% discount on the company's projects in the UAE and a 15% concession on the “Montenapoleone” project in Egypt, with a 10% down payment.

According to Islam Ahmed Suleiman, CEO of Reportage Properties, the UAE-Egypt economic and commercial relations are a model to be followed for Arab and regional state relations, as shown by the steady rise in cooperative investments between the two nations.

Suleiman emphasized that now the recent introduction of the “Montenapoleone” project, their first project outside UAE, demonstrates the company's financial stability and strength, and its potential to create additional new projects both inside and beyond the UAE. He emphasized that the majority of investors have displayed great interest in the project's residential units, particularly in light of the favorable developments in the Egyptian real estate market in recent years.

Suleiman mentioned that Reportage is interested in providing numerous unique offers, particularly during sales events, which are highly received by purchasers due to the variety of offers that cater to wide sectors of customers.

Reportage Properties is working to develop 11 projects in the UAE that will provide approximately 5,000 housing units, in addition to the Montenapoleone project, which even the company recently opened in Mustakbal City in New Cairo, Egypt, and would be developed in collaboration with Al Ahly Sabbour, Egypt's leading developer.

The “Montenapoleone,” which will span 465,000 square meters and house 5,500 people, is the first “Reportage Properties” venture outside the UAE.