Dubai property sales deal volume up 55% in Q3

A total of 3,853 property sales transactions were registered last month

  
Glamour Dubai. Image used for illustrative purpose.

Glamour Dubai. Image used for illustrative purpose.

Getty Images
This yerar September's property sales figures have reinforced that the Dubai real estate market is in a full V-shaped recovery, according to Data Finder, the real estate insights and data platform under the Property Finder group.
 
A total of 3,853 property sales transactions were registered last month, up 56.56 per cent higher than August and 59.68 percent higher than July, it stated.
 
The total value of the transactions stood at AED 8.93 billion ($2.43 billion) which is 88.38 percent higher than August figures and 36.04 percent higher than the previous year. Weekly sales transactions have been increasing at an average rate of 27.6 percent weekly for the past 4 weeks, it added.
 
The breakdown of the transactions for September was 46.1 percent for off plan and 53.9 percent secondary which is a rise in the off plan sector by 15 percent compared to August.
 
Looking at the number of transactions in each segment, the off plan transactions grew by 128.83 percent and the secondary transactions grew by 23.22 percent compared to August, stated the report by Property Finder.
 
The value of off plan properties transacted grew by 140.49 percent and the value of secondary property transacted grew by 79.33 percent compared to August, it added.
 
The third quarter witnessed a total of 8,727 property sales transactions which is 55.76 percent higher than Q2 2020. The total value of the transactions in Q3 was AED 18.376 billion which is 67.71 percent higher than the Q2 2020, said the report.
 
This brings the overall total for sales transactions this year to 24,573 with a total value of AED 49.39 billion, it added.
 
Lynnette Abad, Director of Research & Data at Property Finder, said there has been quite an array of interesting dynamics in the Dubai real estate market these past few months.
 
"We have low supply in prime areas where demand is high which has caused multiple buyers and bids on properties. Sale prices in prime areas have risen while rents have consistently stayed the same. Our broker clients are having all time record breaking months. Needless to say, pent up demand, best ever mortgage rates and lower down payments have been the perfect combination to stimulate the Dubai real estate market," stated Abad.
 
The top areas for overall sales transactions in Dubai during September 2020 were Tilal al Ghaf, Business Bay, Jumeirah Village Circle, Dubai Marina and Mohammed bin Rashid City.
 
"If we look at only off-plan transactions, the top areas were Tilal al Ghaf, Mohammed bin Rashid City, Dubai Creek Harbour and Jumeirah Village Circle.
 
For Secondary property, the top areas for secondary sales transactions in Dubai were Dubai Marina, Jumeirah Village Circle, Town Square, Dubai Sports City and Business Bay.
 
"When we compare quarters, Q3 had a total of 3,720 mortgage transactions worth AED38.31 billion. When comparing this to Q2, this is a 101.41 percent increase in terms of volume and a 294.95 percent increase in terms of value," explained Abad.
 
"When compared to Q1 2020 this is an increase of 3.88 percent in terms of volume and a 72.96 percent increase in terms of value," she added.
 
Abad said this brings the overall total for Mortgage transactions this year to 9,140 with a total value of AED 68.05 billion.
 
Total mortgage transactions for September were 1,381 transactions worth AED 9.63 billion. This is a 16.44 percent increase in volume and a decline of 7.58 percent in value compared to August, she added.-TradeArabia News Service

Copyright 2020 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.