October 2020 has emerged as a strong month for Dubai’s residential real estate market, with 3,395 home deals (worth USD 1.8 bn) sealed throughout the month, posting a 37.2% and 62.8% jump in the off-plan and secondary segments, Zawya reports.
According to Dubai’s official sales price index by Dubai Land Department (DLD) in cooperation with Property Finder, October figures bring the year-to-date total sales transactions to 27,815 (worth USD 15.6 bn), setting a record-breaking month for secondary/ready villas/townhouses, as reported by Zawya.
Speaking of the news, DLD Director of the Real Estate Studies and Research Department Latifa Ibrahim Ahmed remarked, “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,” Ahmed was quoted as saying.
Dubai’s real estate sector witnessed the completion of around 14,000 residential units during the first six months of this year, despite the COVID-19 crisis. This is about 30% of the units that are scheduled for delivery in 2020.
According to ValuStrat Price Index (VPI) report, second-quarter residential home sales transactions accounted for 4,459 properties, down 48.8% quarter-on-quarter and 39.3% year-on-year, with a value of AED 7 bn and an average price tag of AED 1.57 mn.