- Volume of sales transactions is 4 percent higher to date this year than all of 2018
- The second-highest 1-day volume recorded was on September 6, 2015, when 405 property transactions were registered in Dubai
- The most expensive property transaction registered on November 24 was a 5-bedroom penthouse in The One JBR for AED 33 million
Dubai: November 24 (Sunday) witnessed an 11-year high in terms of the number of overall property transactions registered in Dubai in a single day, according to Data Finder, the real estate insights and data platform under the Property Finder Group. A total of 515 real estate transactions cumulatively worth AED 888.3 million were registered in Dubai on the day, the highest since 2008 when data became publicly available.
The second-highest 1-day volume recorded was on September 6, 2015, when 405 property transactions were registered in Dubai. The lowest volume of transactions so far this year was registered on May 16, with 163 real estate deals.
The most expensive property transaction registered on November 24 was a 5-bedroom penthouse on the 45th floor of The One JBR which sold for AED 33 million, according to Data Finder statistics.
“We are starting to see some new dynamics in the market take shape, mostly due to Expo 2020 and it will be interesting to see how these trends will grow into next year,” says Lynnette Abad, Director of Data and Research, Property Finder.
Off-plan properties dominated sales registrations on November 24, accounting for 387 out of the 515 deals. In this segment, buyers mostly opted for off-plan apartments, with 248 unit sales registered.
In terms of buyer preferences, popular off-plan apartment projects were Dubai Creek Harbour, La Mer, Azizi Riviera and Damac Hills. When it came to off-plan villa developments, Emaar’s Arabian Ranches 3, Expo Golf Villas in Dubai South and Dubai Properties’ Villanova registered the most number of deals on November 24.
Off-plan properties are still the favourite for investors due to attractive prices, payment plans and fee waivers by developers.
This comes on the back of a record October for Dubai property, with sales hitting a 11-year high on a monthly basis. Property Finder had reported that 4,774 overall property sales were recorded with the Dubai Land Department (DLD) in October 2019, the highest since 2008.
“Sales transaction volume is 4 percent higher to date this year than all of 2018. I believe this trend will continue into 2020, where we will see higher amount of transactions take place than years before,” adds Abad.
All these point to a resurgence in consumer confidence in the Dubai property market, with the abundance of new supply at affordable prices. With Expo 2020 around the corner, people are no longer sitting on the fence. Instead, it looks like they are making up their minds to purchase property.
About Property Finder – www.propertyfinder.ae
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.
A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced the acquisition of JRD Group, following an increased investment in Turkish portal Zingat.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.
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