Dubai's property market records 3,036 first-time buyers in first two months

Dubai: There were 3,036 first-time investors in Dubai’s property market in the first two months of this year, a sizeable 62 per cent gain on the 2020 numbers. Many of these buyers could have been drawn by property values continuing to be remain under pressure.

These and other investments raised the overall inflow to Dh14 billion in January and February, according to Dubai Land Department. While developers scaled back on offplan launches, buyers had options such as more ready properties to turn their attention to.

Similar gains were reflected on the rental side - 96,396 Ejari contracts were recorded in these two months, of which 57 per cent were new contracts. Seven new projects were registered during the period.

January’s tally also shows pluses on mortgage-backed sales, with 3,007 such deals registered and representing the highest number of mortgages in a month.