Dubai property sales deal volume up 55pc in Q3
DUBAI, October 1, 2020
Property sales figures for September have 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.
A total of 3,853 property sales transactions were registered last month, 56.56 per cent and 59.68 per cent higher than August and July respectively, it stated.
The total value of the transactions stood at AED8.93 billion ($2.43 billion) which is 88.38 per cent higher than August figures and 36.04 per cent higher than the previous year. Weekly sales transactions have been increasing at an average rate of 27.6 per cent weekly for the past four weeks, it added.
The breakdown of the transactions for September was 46.1 per cent for offplan and 53.9 per cent secondary which is an increaste of 15 per cent compared to August.
Looking at the number of transactions in each segment, the offplan transactions grew by 128.83 per cent and the secondary transactions grew by 23.22 percent compared to August, stated the report by Property Finder.
The value of offplan properties transacted grew by 140.49 per cent and the value of secondary property transacted grew by 79.33 per cent compared to August, it added.
The third quarter witnessed a total of 8,727 property sales transactions which is 55.76 per cent higher than Q2 2020. The total value of the transactions in Q3 was AED18.376 billion which is 67.71 per cent higher than the Q2 2020, said the report.
This brings the overall total for sales transactions this year to 24,573 with a total value of AED49.39 billion, it added.
Lynnette Abad, Director of Research & Data at Property Finder, said 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," stated Abad.
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.
"When we compare quarters, Q3 had a total of 3,720 mortgage transactions worth AED38.31 billion. When comparing this to Q2, this is a 101.41 percent increase in terms of volume and a 294.95 percent increase in terms of value," explained Abad.
"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," she added.
Abad said this brings the overall total for mortgage transactions this year to 9,140 with a total value of AED 68.05 billion.
Total mortgage transactions for September were 1,381 transactions worth AED9.63 billion. This is a 16.44 per cent increase in volume and a decline of 7.58 per cent in value compared to August, she added.-TradeArabia News Service
