A record 2,485 secondary and ready property transactions worth 6.12 billion UAE dirhams ($1.67 billion) took place in December, 2020, taking the total value of the fourth quarter sales to over 22 billion UAE dirhams ($5.99 billion).
The strong December sales was 9.7 percent higher than in November, which was already a record-breaking month, Data Finder, the real estate insights and data platform under the Property Finder group, said in a report Sunday.
The last few months in 2020 have been outstanding for the secondary market with November and December both breaking the secondary/ready market transactions records for the past seven years, Data Finder said.
Q4 2020 was the strongest quarter in 2020 and helped the year recover the most in terms of volume and value with 11,065 sales transactions worth 22.07 billion dirhams.
April and May 2020 were the lowest months historically for secondary sales because of the lockdown in Dubai, but since the restrictions eased, the secondary residential real estate sales have been on a rise.
For full-year 2020, a total of 35,434 transactions took place worth 72.49 billion dirhams. Of these, 14,749 were for off-plan properties and 20,685 were for secondary/ready properties, worth 20.31 billion dirhams and 52.18 billion dirhams respectively.
Lynnette Abad, Director of Research & Data at Property Finder, said: “It’s been a reaction of many scenarios in 2020 which have caused the secondary/ready market to excel; proactive government initiatives, affordable housing prices, residents looking for more space or to upgrade because they are spending so much time at home and more supply to add to the offerings.”
With regard to overall mortgages for 2020, there were a total of 12,978 transactions worth 87.39 billion. Almost all of these were for secondary/ready property.
“This increased shift in ready property is something we have seen throughout the year as more and more people are now opting to buy a place to live in, rather than rent,” the report noted.
(Writing by Brinda Darasha; editing by Seban Scaria)
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