After the government lifted restrictions due to the coronavirus, the real estate market in Dubai rebounded, with sales increasing 9% in June compared to May. Dubai is starting to see buyers again. According to ValuStrat, who follows real estate valuations across the emirate, the past few weeks have seen an improvement in property absorption in Dubai, signaling investors are returning to the market.
Last March, the UAE government ordered the unessential organizations to close to restrict movement of the residence and the international flights to reduce the separation of the virus.
These regulations caused a decline in sales by about 50% of the real estate market in Dubai.
In April, the Dubai Land Department (DLD) recorded only 40 million UAE dirhams in sales, which indicated the decline of the real estate market, as compared by February the transactions reached 1.2 billion dirhams.
In May, the government started to facilitate its restrictions and the unessential organizations began to reopen gradually, with the attention of instructions for maintaining health and social separation.
Dubai Land Department (DLD) announced the increase in real estate transactions from 1 June till 19 June by 5.2 billion dirhams, Today, the UAE prepares to reopen for international tourists and visitors.