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Off-plan transactions remained the most popular method of buying residential property last year, accounting for 53 per cent of total deals in Dubai, a new report shows.
Some Dh14.4 billion worth of off-plan properties were bought from a total of Dh27.2bn residential deals, according to an annual report published by listings portals Bayut and Dubizzle. Ready property deals were worth Dh12.8bn in 2020, the report said, citing Dubai Land Department data.
Popular communities in Dubai reported price declines between 2 per cent and 10 per cent, while rents reduced between 9 per cent and 17 per cent in 2020. The sales and rental price reductions remained in line with the patterns observed in 2018 and 2019, the report said.
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Dubai-based portals Bayut and dubizzle, owned by Emerging Markets Property Group (EMPG) are planning to recruit 200 more people to fuel its expansion in the country.
The headcount at the two firms will increase by 50 per cent following its latest recruitment drive. Bayut and dubizzle currently employ 400 people in the UAE.
“This strategic expansion in the UAE comes as part of the wider goals of Bayut & dubizzle’s parent company, EMPG, to attract the best professionals from the region,” the two companies, said in a statement on Tuesday, without providing a timeline on when they plan to hire more people.