- Q3 2020 vs Q2 2020 grew by 55.76 percent in volume and 67.71 percent in value
- September 2020 had a total of 3,853 property sales transactions worth AED 8.93 billion
- September 2020 vs August 2020 grew by 56.56 percent in volume and 88.38 percent in value
- Q3 Mortgage transactions grew by 101.4 percent and value grew by 294.9 percent quarter-on-quarter
Dubai: September 2020 has 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, September 2020 had 3,853 property sales transactions which was 56.56 percent higher than the month of August and 59.68 percent higher than the month of July. The total value of the transactions was AED 8.93 billion which is 88.38 percent higher than the month of August 2020 and 36.04 percent higher than September 2019. Weekly sales transactions have been increasing at an average rate of 27.6 percent weekly for the past 4 weeks.
The breakdown of the transactions for the month of September 2020 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 2020. 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 2020. 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 2020.
The breakdown of the transactions for Q3 was 37.48 percent off plan and 62.52 percent secondary which is a rise in the secondary sector by 22.75 percent when compared to Q2 2020. If we look at the breakdown in the number of transactions, the total off plan transactions declined by 3.08 percent but the number of secondary transactions grew by 144.88 percent compared to Q2. The total value of off plan property transactions declined by 4.53 percent and the total value of secondary property transactions grew by 121.48 percent compared to Q2 2020.
Total mortgage transactions for September 2020 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 2020.
When we compare quarters, Q3 2020 had a total of 3,720 mortgage transactions worth AED 38.31 billion. When comparing this to Q2 2020, this is a 101.41 percent increase in terms of volume and a 294.95 percent increase in terms of value. 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.
This brings the overall total for Mortgage transactions this year to 9,140 with a total value of AED 68.05 billion.
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.
According to Lynnette Abad, Director of Research & Data at Property Finder, “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.”
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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© Press Release 2020