UAE: Dubai's property sales volume increased by 50% during the third quarter (Q3) of 2020, when compared to the second quarter (Q2) of 2020, as shown by the latest report by Chestertons, an international residential property specialist.

Higher property sales are driven by unfulfilled demands in Dubai's real estate sector from Q2-20 along with the variety of developers' offerings, according to a press release on Wednesday.

On an annual basis, Dubai's property sales activity plunged by 21.7% in Q3-20.

In the July-September period, the apartment and villa sales prices in Dubai decreased by 3.4% and 0.2% quarter-on-quarter (QoQ), respectively.

In the rental market, apartment and villa rental rates decreased by 3.6% and 1.2%, respectively.

As for the transactions, completed property sales reached 4,587 units in the third quarter (Q3) of 2020, up from 1,902 in the earlier quarter and from 4,084 in the year-ago period.

Meanwhile, off-plan sales decreased to 3,262 units in Q3-20 from 3,331 in Q2-20 and 5,943 in the corresponding period of the earlier year.

The Head of Strategic Consultancy at Chestertons MENA, Chris Hobden, said: "Dubai witnessed a clear increase in transactional activity during the third quarter, building on a recovery seen during the final month of Q2, following the easing of COVID-19 restrictions."

Hobden remarked: "However, transaction volumes remain lower annually, and we expect both prices and rents to face further downward pressure over the final quarter of 2020."

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