Dubai: Property Finder, the region’s leading property portal, has seen a massive uptick in Dubai-based real estate transactions during the first few months of 2020. This came ahead of recent concerns of COVID-19 becoming heightened, and the portal are hoping for this level to maintain although it is very difficult to predict.
The latest Dubai Land Department transactions update reveals a 12% rise in overall transactions in January 2020, compared to January 2019, but February saw an enormous 33% hike in transactions compared to February 2019 – and an incredible 76% rise in off-plan transactions.
February 2020 alone saw 504 off-plan villa transactions and 2,251 off-plan apartment transactions. Dubai Land Department transactions registry for February shows 4,356 sale transactions - with a total value of AED 9.4 billion.
Ari Kesisoglu, Property Finder’s President, said: “These powerful figures speak for themselves. We have seen a huge surge in interest in off-plan transactions – which underlines the strong faith that local, regional and international buyers have in Dubai, it’s developers and build quality. Undeniably, we believe the upsurge in interest year-on-year shows that Dubai’s economy remains globally significant, and Expo 2020 is causing a noticeable spike in property purchases ahead of the October event.”
Big ticket sales concluded in February include an AED700.2 million purchase deal for the iconic Shangri-La Dubai hotel on Sheikh Zayed Road; while a luxurious seven-bedroom luxury villa in Dubai Hills saw a sale value of AED75 million. Later in February, another seven bedroom property, also in Dubai Hills, reached a sale figure of AED69 million.
The most popular off-plan apartment projects sold in February 2020 were Creek Beach, Dubai Creek Harbour, selling 140 units, and Burj Crown, Downtown which saw eager purchasers take 139 units.
Off-plan villa projects proving most popular in February were situated in the well-established Arabian Ranches 3 area and the up and coming Dubai South (Dubai World Central) zone – notably the closest district to the Dubai Expo 2020 site.
President Ari Kesisoglu noted: “Location is crucial, and Dubai has a community for everyone – for single, young, and for large local families. Our newly-launched innovative map search tools make it easier than ever before to search and find the perfect area to live in – whether you are familiar with the emirate or not.”
The real estate portal has launched four new map-based features, available on desktop and mobile, allowing users to search for homes and compare prices via the map, as well as view nearby amenities and calculate travel distances.
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
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