- October recorded 4,774 overall property sales while September clocked in 4,007 real estate transactions
- Dubai Land Department registers sale of Burma Island, part of the World Islands, for AED112.77 million on December 8, 2019
- Business Bay was the top pick for both off-plan and ready property buyers in the three-month timeframe
Dubai: Dubai property sales transactions have scaled record highs since the government announced forming a committee, which will be chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the Executive Council. The committee’s purpose is to ensure that semi-government real estate companies do not compete with private investors and to develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next 10 years.
According to Data Finder, the real estate insights and data platform under the Property Finder Group, 5,051 overall property sales were recorded with the Dubai Land Department (DLD) in November 2019, hitting a 11-year high on a monthly basis. This eclipsed the 4,774 overall property sales registered in October 2019 and the 4,007 real estate transactions recorded in September 2019. Cumulatively, this amounted to 13,832 transactions in the three-month timeframe.
Going by previous estimates, December is usually a good month for property transaction numbers in Dubai. According to publicly available DLD sale transactions data, there were 2,672 sales transactions registered in December 2018 and 3,696 real estate sales deals recorded in December 2017.
Also, the DLD registered the sale of Burma Island, part of the World Islands, for a whopping AED112.77 million on December 8, 2019.
According to the data, it appears that the announcement of the committee has had a positive impact on market sentiment in the three months since September. With Expo 2020 less than a year away, it seems like people are making up their mind to buy property in Dubai.
This comes on the back of several stimuli such as extended visas, streamlined processes and fee relaxations announced by the government to boost investment in the property market this year. Positive regulations such as the Central Bank removing the 3 percent early settlement fee for mortgages, relaxing the maximum age requirement to repay mortgages and lifting the 20 percent cap on real estate lending for banks have also inspired confidence in the property market.
“It is a combination of all of the above as to why sales transactions have increased this year and consumer confidence is building up in the market. This, coupled with declining prices and an excess amount of supply, has given the buyer much choice, attractive prices and incentives,” says Lynnette Abad, Director of Data and Research, Property Finder.
Breakdown of transactions
Business Bay has emerged as the top pick for buyers, with an overall 1,160 property transactions recorded in the three months of September, October and November 2019. Other communities which registered the highest number of overall property transactions in this timeframe were Dubai Creek Harbour (1,057), Dubai South (838), Jumeirah, with projects such as La Mer (647), and Downtown Burj Khalifa (560).
Off-plan properties continue to dominate transactions and are preferred by investors due to attractive prices, payment plans and fee waivers. In terms of communities, Dubai Creek Harbour saw the most off-plan transactions (1,030) in the three-month timeframe, followed by Business Bay (863), Dubai South (696), Jumeirah (586) and Villanova (508).
November also recorded brisk activity for off-plan sales, clocking in 3,053 such transactions, the second highest since September 2015, which registered 3,258 such deals, reveals Data Finder.
In the secondary market, International City topped in terms of the number of transactions (443), followed by Dubai Marina (359), Business Bay (297), Jumeirah Village Circle (282) and Bluewaters Island (262).
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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