Overall secondary residential property transactions are the highest since April 2014.
Secondary/ready apartment sales in November have been the highest in the past 16 months
September, October and November were recording breaking months for secondary villa/townhouses historically
Dubai: In November 2020, 3,928 transactions worth AED 7.65 billion took place in the Dubai Real Estate market, the highest number of transactions in nine months. According to Data Finder, the real estate insights and data platform under the Property Finder group, by volume 61 percent of these transitions were in the secondary market whereas 39 percent were in the off-plan market. By value, 74.4 percent of the total AED 7.65 billion was for secondary transactions and 25.6 percent for off-plan transactions.
In April 2014, 2,265 secondary residential real estate sales transactions took place and then the transactions declined and never went to more than 1,850 transactions a month in over 6 years. April and May 2020 were the lowest months historically for secondary sales because of the lockdown but since the ease in restrictions the secondary residential real estate sales have been on a rise, peaking in November 2020 with 2,179 sales transactions. The highest in six years and seven months.
If we look at apartments and villa/townhouses separately, 1,402 secondary apartment sales transactions took place in November 2020 and were the highest transaction figures since July 2019. However the secondary villa/townhouse sales in the past three months have been historically record breaking, with 600, 660 and 645 transactions in September, October and November respectively.
The top areas for secondary apartment sales in November 2020 were Dubai Marina, Business Bay, Barsha Heights(TECOM), Downtown Dubai and Jumeirah Village Circle. The top areas for secondary villa/townhouse sales were Green Community, Arabian Ranches, Town Square, Nadd al Sheba and Dubai Hills Estate.
“This year, no one ever expected for the market to rebound the way it has, November 2020 has broken records in the secondary market that stood for over six and a half years.” says Lynnette Abad, Director of Research & Data at Property Finder. “It will be interesting to see what happens in H1 2021 as these numbers are not sustainable, however with EXPO 2020 coming, we could potentially still see a surge in the numbers as demand will be there from foreign investments.”
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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.
For media enquiries, please contact
Faisal Zaidi
faisal@propertyfinder.ae
© Press Release 2020
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