Dubai's secondary residential property sales hit new high in November
DUBAI, December 16, 2020
The secondary residential property sales in Dubai real estate market for November hit a new high registering a total of 3,928 transactions worth AED7.65 billion ($2.08 billion), thus breaking a seven-year record, according to Data Finder.
In April 2014, 2,265 secondary residential real estate sales transactions took place and then the transactions declined and never went to more than 1,850 transactions a month in over 6 years.
November also witnessed the highest number of transactions in nine months, stated Data Finder, the real estate insights and data platform under the Property Finder group.
April and May were the lowest months historically for secondary sales because of the lockdown but since the ease in restrictions the secondary residential real estate sales have been on a rise, peaking in November 2020 with 2,179 sales transactions. The highest in six years and seven months.
By volume 61 percent of these transitions were in the secondary market whereas 39 percent were in the off-plan market. By value, 74.4 percent of the total AED 7.65 billion was for secondary transactions and 25.6 percent for off-plan transactions.
"This year, no one ever expected for the market to rebound the way it has, November has broken records in the secondary market that stood for over six and a half years," remarked Lynnette Abad, Director of Research & Data at Property Finder.
If we look at apartments and villa/townhouses separately, 1,402 secondary apartment sales transactions took place in November and were the highest transaction figures since July 2019, she explained.
However the secondary villa/townhouse sales in the past three months have been historically record breaking, with 600, 660 and 645 transactions in September, October and November respectively.
The top areas for secondary apartment sales in November 2020 were Dubai Marina, Business Bay, Barsha Heights (Tecom), Downtown Dubai and Jumeirah Village Circle. The top areas for secondary villa/townhouse sales were Green Community, Arabian Ranches, Town Square, Nadd al Sheba and Dubai Hills Estate.
"It will be interesting to see what happens in H1 2021 as these numbers are not sustainable, however with Expo 2020 coming, we could potentially still see a surge in the numbers as demand will be there from foreign investments," she added.-TradeArabia News Service
