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Secondary residential sales in Dubai hits 7-year high

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Last month, 3,928 transactions worth $2 bn were recorded in the emirate

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.”

The real estate sector in Dubai recorded the best first-quarter performance in the last six years, despite the coronavirus pandemic, according to ValuStrat’s May 2020 report. The first quarter of this year saw cash sales of ready homes up 30.4 percent annually with no change quarterly.

The report on the Dubai real estate sector further revealed that April cash sales transaction volume performance was just half of what was reported for March. Ready homes sales volume witnessed a steep monthly fall of 75 percent and off-plan homes sales declined 32 percent compared to March.

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