Sunday 9 August 2020

Dubai's real estate sales transactions up 60pc in June

DUBAI, July 8, 2020

The real estate sales transactions in Dubai have grown by over 60 per cent in June, according to a report by Property Finder.
For the last four weeks, the Dubai real estate market has been transacting more than 570 sales transactions weekly on average. These figures only returned after the secondary market bounced back and are back to pre-covid levels, it stated. 
The past three weeks the number of weekly real estate sales transactions have been consistently increasing by almost 11 percent on average, it added.
The second quarter had a total 5,564 sales transactions worth AED10.88 billion ($2.9 billion) which is half of what transacted in Q1 2020, according to Property Finder. 
"A strong June laid the foundation for a faster recovery and we are seeing patterns of a V shaped recovery as we are back to the transaction levels of February and early March 2020," the real estate expert stated in the review.
This brings the year-to-date total of 15,893 total sales transactions worth AED32.49 billion, it added.
The secondary market (ready properties) only accounted for 28 per cent of total sales in April and 33.5 per cent of total sales in May 2020. However,  in June 2020, this returned back to the normal trend we have seen since 2019 as the secondary market accounted for 53 per cent of total sales transactions.
“We have clearly seen pent up demand during this time and some real estate agencies are having record breaking months. Mortgage enquiries are high, interest rates are at an all time low and the banks are giving their best offers yet," said the expert.
"The demand for villa/townhouses have increased by over 400 percent since the crisis started and I believe the summer months will continue to be busy as most will not travel and prices are very attractive," it added.
The top areas for secondary sales transactions in June were Dubailand (8.2 per cent), Business Bay (6.3 percent), Dubai Marina (5.9percent), Town Square (5.7 per cent) and Dubai Hills Estate (5.2 per cent).
The top areas for off plan sales transactions in June 2020 were Mohammed bin Rashid city(15.6 per cent), Jumeirah Village Circle(11.7 percent), Downtown Dubai(9.2 per cent), Business Bay(8.4 per cent) and Dubai South(7 percent).
The top keywords consumers searched for during their search on Property Finder in June 2020 were, upgraded, pool, furnished, and payment plan. 
The top five  areas where consumers sent enquiries for in June 2020 for residential properties for sale on Property Finder were Dubai Marina, Dubai Hills Estate, Palm Jumeirah, Jumeirah Village Circle and Downtown Dubai.
The top areas where consumers sent enquiries for in June 2020 for residential properties for rent on Property Finder were Dubai Marina, Jumeirah Village Circle, Dubai Hills Estate, Downtown Dubai and Business Bay.-TradeArabia News Service


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