Despite the global pandemic, Dubai has seen “impressive levels” of real estate transactions over the past few months, the chief commercial officer of a United Arab Emirates-based property developer said last week.

Aqil Kazim of Nakheel’s comments come even as real estate transactions in the second quarter of 2020 plummeted 38.8% compared to the same period last year.

There were 5,559 transactions in the April to June quarter this year, down from 9,088 in 2019, according to the Dubai Land Department.

Kazim said these are “unprecedented times,” with the coronavirus health crisis having an impact on the market.

The UAE has reported 62,525 confirmed cases of the coronavirus and 357 deaths, according to data compiled by Johns Hopkins University […]

Transaction volumes for the first half of the year fell 12.4% from the first half of 2019, after rising in the first quarter. The Dubai Land Department reported 15,883 sales from January to June in 2020.

That’s quite an “active performance,” Kazim said. “As far as Nakheel is concerned, we ourselves have sold more than 800 million dirhams ($217.8 million) worth of property since March, and that’s including during the height of the pandemic."

"This really highlights investors’ trust and confidence in Dubai’s real estate sector.”

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Photo: Lukas Gojda