Property prices in Dubai declined 0.9 percent year-on-year in the third quarter of 2020, its central bank said. Rents also declined by 6.9 percent during the period. The implied rental yield in Dubai moved to 6.6 percent in the third quarter, up from 6.3 percent in the previous quarter.
Secondary residential sales in Dubai hit a 7-year high in November. During the period, 3,928 transactions worth $2 billion were recorded in the emirate. According to real estate website Property Finder, 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.
Lynnette Abad, director of research and data at Property Finder told the media, “This year, no one ever expected for the market to rebound the way it has. November 2020 has broken records in the secondary market that stood for over six and a half years.
“It will be interesting to see what happens in [the first half of 2021] as these numbers are not sustainable. However, with Expo 2020 coming, we could potentially see a surge in the numbers as demand will be there from foreign investments.”
It was also reported that Dubai’s real estate sector recorded 3,395 property sales transactions worth $1.8 billion in October. 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.