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dubais-real-estate-continues-to-build-momentum

Dubai’s real estate continues to build momentum:

Property transactions’ continued rise a significant sign market is rebounding fast.

The Dubai Land Department (DLD) recorded a total of 3,395 sales transactions worth Dh6.93 billion In October 2020, bringing the year-to-date total to 27,815 transactions worth Dh57.43 billion, signaling strong signs of recovery in the property market.

dubais-real-estate-continues-to-build-momentum

Of the October transactions, 37.2 per cent were in the off-plan segment and 62.8 per cent in the secondary segment, according to Mo’asher, Dubai’s official sales price index that the DLD launched in cooperation with Property Finder.

The index is designed to give a comprehensive and transparent view of the market movement in general, said Latifa Ibrahim Ahmed, director of the DLD’s real estate studies and research department.

“We are proud to issue this index every month and provide it to researchers and those interested in the real estate market such as developers and investors,” she said.

Among the most important data that can be obtained this month is the emergence of strong signs of recovery in the market and its return to normal paths across the various segments of real estate units, especially through the demand for luxury units, and the registration of sustainable growth month-after-month.

dubais-real-estate-continues-to-build-momentum

“Overall, this means that the market will enter the new year strongly, especially if we take into account the growing momentum of preparations for Expo Dubai.”

Based on Property Finder’s data, 665 secondary or ready to move in villas/townhouses were transferred in October, which is 7.2 per cent higher than the second-highest month, September 2020, with 605. This figure is 34 per cent higher than the third-highest month ever, July 2020 with 496 transactions.

The past four months had the highest number of transactions for villas/townhouses consistently, with each month being at an all-time high and the record broken the very next month. This consistent growth started after May 2020, which had 110 transactions and has since grown by over 500 per cent.

“Overall, this means that the market will enter the new year strongly, especially if we take into account the growing momentum of preparations for Expo Dubai.”

Based on Property Finder’s data, 665 secondary or ready to move in villas/townhouses were transferred in October, which is 7.2 percent higher than the second-highest month, September 2020, with 605. This figure is 34 percent higher than the third-highest month ever, July 2020 with 496 transactions.

The past four months had the highest number of transactions for villas/townhouses consistently, with each month being at an all-time high and the record was broken the very next month. This consistent growth started after May 2020, which had 110 transactions and has since grown by over 500 percent.

Dubai’s overall index has remained stable at 1.092. The Dubai apartment and villa/townhouse index remained steady as well due to more affordable units coming into the ready market.

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