Dubai real estate transactions up nearly 10% year-on-year in Q1

Dubai saw a total of 10,243 real estate transactions, in Q1 2020, a 9.74 percent increase compared to Q1 2019’s total of 9,317, according to new data from Property Finder.

According to Property Finder, the total is the highest number of sales transactions recorded in Q1 in Dubai since 2017, when 11,910 transactions were registered.

So far this year, Property Finder said mortgage registrations are consistently higher than 2019 on a weekly basis. In March alone, there were more than 1,209 mortgage registrations, the highest since October 2019 and 24.8 percent more than March 2019.

“In H2 2019, we started to see an upward shift in sales transactions with multiple record breaking months in regards to sales volumes,” said Lynnette Abad, director of data and research at Property Finder. “This trend continued into Q1 2020, with transaction volumes increasing month-on-month.”

“During the current situation, we have obviously seen a slowdown in transactions, however due to the government’s proactive, swift, extreme efforts and policies, I believe we will get through this tough period quicker than most and the real estate market will start to transact again and will continue the trend where it left off in Q1,” Abad added.

Top areas

The Property Finder statistics show that the top five areas for overall property sales transactions in March were Downtown Burj Khalifa (223 transactions), Business Bay (217), Dubai Marina (182), Mohammed Bin Rashid Rashid City (145) and Jumeirah Village Circle (132)

For off-plan sales, the top 5 performing areas in Dubai were Business Bay (149), Downtown Burj Khalifa (144), Mohammed bin Rashid City (120), Jumeirah Village Circle (88) and Palm Jumeirah (70).

On the secondary market, areas that witnessed the most sales were Dubai Marina (147), International City (109), Downtown Burj Khalifa (79), Business Bay (68), and Jumeirah Beach Residences (66).

Source : Arabian Business