The latest data by Property Finder Group shows Dubai’s resale home deals have hit the highest record in almost seven years, with 2,179 transactions sealed in just one month, Invest-Gate reports.
Last November, a total of 3,928 transactions, worth AED 7.7 bn, took place in Dubai, the highest number of secondary sales snapped up in nine months, according to Data Finder, the real estate insights and data platform under the UAE-based Property Finder group.
Data Finder indicated that this is the first time Dubai’s secondary market has posted the strongest sales activity since April 2014, with the bulk of last month’s home deals involving secondary apartments, villas, and townhouses, totaling 2,179 transactions.
April and May 2020 were the lowest months in history for secondary purchases due to Coronavirus, but since the ease in restrictions, resales have been on a rise, peaking in November to the highest in six years and seven months, the recent report further revealed.
Commenting on the news, Lynnette Abad, director of research and data at Property Finder, stated, “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, with Expo 2020 coming, we could potentially see a surge in the numbers as demand will be there from foreign investments,” Abad concluded.