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RIYADH: Dubai real-estate transactions jumped 43 percent year over year in March 2021 to 6,590 as investors flooded back into the sector.

The value of sales rose 40 percent to 22.9 billion dirhams ($6.2 billion), according to the real estate bulletin issued by Dubai Land Department (DLD), WAM reported. The number of transactions was the second highest monthly total since February 2017.

The bulletin highlighted continued attractiveness of the real estate sector to new investors, with 5,683 entering the market in Q1 2021, representing 64 percent of the total number of investors in the period.

The value of commissions achieved by active real estate brokers reached 392 million dirhams in Q1 2021, while 143,374 rental contracts were recorded in Q1 2021, 57 percent of which were new contracts and 43 percent were renewed.

The bulletin highlighted the top five areas for investor attractiveness. In villa sales, Hadaeq Sheikh Mohammed Bin Rashid topped the list in Q1 2021, followed by Wadi Al Safa 5, Wadi Al Safa 7, Nad Al Sheba 1, and Al Thanyah Fourth. In apartment sales, Dubai Marina, Palm Jumeirah, Business Bay, Burj Khalifa, and Al Merkadh topped the list in Q1 2021.

Sales of luxury villas, sea-view apartments and second-hand family houses jumped in March, re-energizing a property market that saw a sharp fall in activity at the height of the pandemic and had been in a five-year slump prior to that, Reuters reported at the time.

S&P Global credit analyst Sapna Jagtiani does not expect Dubai’s real estate market to recover to pre-pandemic levels until next year, the agency said.