- Secondary sales transfers increased by 12% in 2018 compared to 2017
According to trends from Property Finder listing data, VOT has become a more regularly used term on secondary properties listed for sale. Vacant on Transfer, meaning a unit that is available immediately upon handover, is a term that started to be used more widely in 2018 due to prices falling in the secondary market which made the market more appealing, especially to an end user. This term is appealing to end users as they would want to move into the property they purchase and not have the hassle of existing tenants with 12 months notice to vacate.
“The secondary market saw price declines of up to double digits in some areas in 2018 making prices much more appealing and affordable than in previous years to consumers” says Lynnette Abad, Director, Research and Data for Property Finder Group. “This trend prompted end-users to shift their sights from the off-plan market to a less riskier secondary market. This coupled with the addition of 28,890 new units completed in 2018 has made the secondary market that much more interesting.”
Secondary sales transfers increased by 12% in 2018 compared to 2017 while off-plan sales saw a decline of 27.7 percent in 2018 compared to 2017.
Overall, the top transacted areas for off-plan sales were Mohammed bin Rashid City (+30 percent increase), Business Bay (+6 percent increase), Jumeirah Village Circle (-30 percent decrease), International City (+530 percent increase) and Downtown Dubai (-45 percent decrease), percentage change in 2018 sales transactions compared to 2017 sales transactions.
The top transacted areas for secondary sales for apartments were Dubai Marina (-11.8 decrease), International City (-8.9% decrease), Dubai Sports City (+15.9% increase), Jumeirah Village Circle (+6.3 increase) and the Palm Jumeirah (+19.6 increase), percentage change in 2018 sales transactions compared to 2017 sales transactions.
The top transacted areas for secondary sales for villas/townhouses were Emirates Living (+6.4% increase), Arabian Ranches (+7% increase), Mudon (+286% increase), Al Furjan (+468% increase) and Town Square (+368% increase), percentage change in 2018 sales transactions compared to 2017 sales transactions.
With the amount of new supply coming into the market, 2019 is not expected to slow down either, the secondary market will most likely continue to be attractive to end users and those looking to get on the property ladder with less risk.
-Ends-
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