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Dubai records 3,395 property sales transactions in October

Dubai property sales_IFM_Image
The sector recorded a 37.2% jump in the off-plan segment and 62.8% in the secondary segment

Dubai’s real estate sector recorded 3,395 property sales transactions worth $1.8 billion in October, media reports said. The sector recorded a 37.2 percent jump in the off-plan segment and a 62.8 percent in the secondary segment, according to Dubai’s official sales price index Mo’asher. Till date, around 27,815 sales transactions worth $15.6 billion has been recorded in Dubai.

DLD Director of the Real Estate Studies & Research Department Latifa Ibrahim Ahmed told the media, “We are proud to issue this index every month and provide it to researchers and those interested in the real estate market such as developers and investors. It is designed to give a comprehensive and transparent view of the market movement in general.”

“Among the most important data that can be obtained this month is the emergence of strong signs of recovery in the market and its return to normal paths across the various segments of real estate units, especially through the demand for luxury units, and the registration of sustainable growth month after month.”

Dubai’s real estate sector witnessed the completion of around 14000 residential units during the first six months of this year, despite the Covid-19 crisis. This is about 30 percent of the units that are scheduled to be handed over in 2020.

According to ValuStrat Price Index (VPI) report, second-quarter residential home sales transactions accounted to 4,459 units, down 48.8 percent quarter-on-quarter and 39.3 percent year-on-year with a value of Dh7 billion and average ticket size of Dh1.57 million.

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