Dubai Land Department (DLD) has joined hands with Property Finder to launch the second edition of the emirate's official sales price index, Mo’asher. 

 

The duo is working to improve and expand it to become an annual, quarterly, and monthly index that includes the Q1 2020 index and the monthly index for 2020 until April. 

 

The base year for Mo’asher is 2012, and the base month for the monthly index is January 2012 with the base quarter for the quarterly index is Q1 2012.

 

This new launch displays the history of how trends have changed over the past few years based on the data from DLD, whereby Dubai registered a total of 40,517 sales transactions in 2019, representing a growth of 18 per cent in the volume of registered property sales transactions compared to 34,414 registered sales transactions in 2018.

 

Latifa Ibrahim Ahmed, Senior Director of Real Estate Studies & Research Department at DLD, said: "We are pleased to present the second edition of Mo’asher in cooperation with our partners at Property Finder, especially as it is an official sales price index of Dubai’s real estate that aims to provide customers with the latest price updates."

 

"As the reliance on the relevant monthly data that is combined with data on the required real estate prices increases so would the importance of the indicator. The index includes tremendous market advantages as it provides all those interested with an overview of an in-depth market analysis and insight into how real estate prices in Dubai change during a particular month," he added.

 

Looking at the data quarterly, since the highs of Q2 2009 when the Dubai property sales market transacted 37,556 sales transactions, the next peak was during Q4 2013, with 20,935 sales transactions when the Dubai real estate market rebounded from the 2007 financial crisis, followed by Q1 2017 with 15,179 sales transactions. 

 

The only peak after 2017 was visible in Q4 2019 with 12,448 sales transactions where we started to see transaction volumes increase month-on-month due to the market picking up ahead of Expo2020.

 

In the first half of 2019, DLD started to see sales volumes increase month-on-month, stated Ahmed. 

 

This trend continued until February which saw an enormous 40 per cent hike in transactions ver the previous year. During the first quarter, there was a 16 per cent rise in overall transactions compared to the same period in 2019.

 

In March, DLD witnessed a slight decline in sales transactions, which plunged to 3,120, mainly due to the implications caused by the global Covid-19 pandemic.

 

In April, a total of 1,808 sales transactions recorded, despite the full lockdown, and DLD successfully managed to continue transacting properties digitally and providing all of its services to its customers, it added.-TradeArabia News Service