In November 2020, the secondary residential real estate transactions that took place in Dubai reached 2,179, the highest in six years and seven months, according to Data Finder.
As per the real estate insights and data platform of the Property Finder group, in November, the Dubai real estate market witnessed 3,928 transactions worth $2.08 billion, the highest number of transactions in nine months.
By volume, 61 percent of these transactions happened in the secondary market while 39 percent were in the off-plan market and in terms of value, 74.4 percent of the total $2.08 billion was for secondary transactions and 25.6 percent for off-plan transactions.
The secondary residential real estate sales reached their highest level in April 2014 by making 2,265 transactions and then the volume of deals got lowered and never went more than 1,850 a month in the past 6 years.
In April and May 2020, the secondary sales touched their lowest level due to the lockdown but when the restrictions were eased the market surged to reach 2,179 sales transactions in November.
The secondary apartment sales transactions in November were 1,402, the highest transaction figures since July 2019 and the villa/townhouse sales in the past three months have been record-breaking, with 600, 660 and 645 transactions in September, October and November respectively.
Dubai Marina, Business Bay, Barsha Heights (TECOM), Downtown Dubai and Jumeirah Village Circle were the most in-demand areas for secondary apartment sales, while Green Community, Arabian Ranches, Town Square, Nadd al Sheba and Dubai Hills Estate were the top spots for villas/townhouse.
“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 H1 2021 as these numbers are not sustainable.”
However the EXPO 2020 which is coming in October 2021 gives hope for a continued surge in the volume of secondary real estate sales with a huge flow of foreign investments, Ms. Abad added.
The leading property portal in the Middle East, North Africa and Turkey (MENAT) region, Property Finder was founded in 2007. The platform helps developers, real estate brokers and house-hunters in making informed decisions.
The UAE-based platform operates in seven markets including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco.