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Mon 29 Jun 2020 02:12 PM

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Dubai property sales total AED 2.74bn in May

In the first five months of 2020, a total of 13,590 sales transactions were recorded were recorded, collectively worth AED 27.8 billion

Dubai property sales total AED 2.74bn in May

The Dubai Land Department (DLD) recorded a total of 1,440 sales transactions worth AED 2.74 billion in May 2020, according to new research from Property Finder.

According to the research 66.5 percent of the sales were in the off-plan or initial sales segment, with 33.5 percent being in the re-sale segment.

In the first five months of 2020, a total of 13,590 sales transactions were recorded were recorded, collectively worth AED 27.8 billion.

The data comes as the DLD and Property Finder launch the third edition of Mo’asher, Dubai’s official sales price index. The index has a base year of 2012, a base month of January 2012, and a base quarter of Q1 2012.

In May 2020, the sales index increased 12.1 percent compared to 2012, and a 0.5 percent increase in May compared to April 2020. Over the last two months, the index has seen an increase of 1.54 percent.

“These figures provided by the index reflect the attractiveness of the Dubai real estate market, even during these exceptional circumstances,” said Latifa Ibrahim Ahmed, director of the real estate studies and research department at DLD.

The statistics show that real estate transactions immediately picked up after the National Sterilisation Programme eased in Dubai. Property Finder noted that the pent-up demand seen in May was similar to what is seen following seasonal holidays, with sales and rental enquiries above the same week last year across all unit types.

Additionally, the DLD and Property Finder credited strong index results amid the Covid-19 pandemic to Dubai’s villa and townhouse market, which is said remained solid as a result of people’s desire for outside, personal spacing amid the Covid-19 pandemic.

“Comparing April and May 2020, the overall value of the residential sales price index for Dubai overall recorded a growth of 0.5 per cent in May,” said Lynnette Abad, Director, Research and Data at Property Finder. “Currently, the Dubai residential real estate market is going through a v-shaped recovery and when analysing the various indexes for May 2020, we are seeing the same v-shaped pattern in the recovery.”

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