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Thu 9 Jul 2020 08:39 AM

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Dubai real estate sales transactions bouncing back to pre-Covid levels, says Property Finder

Over the last three weeks, the number of real estate transactions has been consistently increasing by nearly 11 percent on average

Dubai real estate sales transactions bouncing back to pre-Covid levels, says Property Finder

Throughout Q2, the statistics show that 5,564 sales transactions were recorded, collectively worth AED 10.88 billion – approximately half of what was transacted in the first quarter.

Dubai’s real estate market has been transacting an average of 570 sales transactions each week on average for the last month, according to new figures from Property Finder.

According to Property Finder, these figures have now bounced back to pre-pandemic levels.

Over the last three weeks, the number of real estate transactions has been consistently increasing by nearly 11 percent on average, the statistics show.

Throughout Q2, the statistics show that 5,564 sales transactions were recorded, collectively worth AED 10.88 billion – approximately half of what was transacted in the first quarter.

In a statement, Property Finder noted that a “strong” June has “laid the foundation for a faster recovery”, with patterns of a V-shaped recovery evident.

To date, a total of 15,893 sales transactions have been recorded this year, worth AED 32.49 billion.

The statistics show that the secondary market – ready properties – only accounted for 28 percent of total sales in April, and 33.5 percent of total sales in May 2020.

Pent-up demand

In June, however, this returned to normal trends seen since 2019, with the secondary market accounting for 53 percent of total sales transactions.

“We have clearly seen pent-up demand during this time and some real estate agencies are having record breaking months,” said Lynnette Abad, the director of research and data and Property Finder.

“Mortgage enquiries are high, interest rates are at an all-time low and the banks are giving their best offers yet. The demand for villa/townhouses have increased by over 400 percent since the crisis started and I believe the summer months will continue to be busy as most will not travel and prices are very attractive, “ Abad added.

The top areas for secondary sales transactions in June 2020 were Dubailand (8.2 percent), Business Bay (6.3 percent), Dubai Marina(5.9percent), Town Square (5.7percent) and Dubai Hills Estate (5.2 percent).

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