A record of 2,485 secondary and ready property transactions worth USD1.67 bn have taken place in December 2020, increasing the total value of the fourth quarter sales in Daubi to USD5.99 bn, Zawaya reports.
The strong December sales were 9.7 % higher than in November, which was already a record-breaking month, Data Finder, the real estate insights and data platform under the Property Finder group, said in a report on January 10.
The last few months in 2020 have been outstanding for the secondary market as November and December broke the secondary/ready market transactions records for the past seven years, Data Finder said. Q4 2020 was the strongest quarter in 2020 and helped the year recovery with 11,065 sales transactions.
April and May 2020 were the lowest months historically for secondary sales because of the lockdown in Dubai, but since the restrictions eased, the secondary residential real estate sales have been on a rise. For full-year 2020, a total of 35,434 transactions took place.
Lynnette Abad, Director of Research & Data at Property Finder, says, “It’s been a reaction of many scenarios in 2020, which have caused the secondary/ready market to excel; proactive government initiatives, affordable housing prices, residents looking for more space or to upgrade because they are spending so much time at home and more supply to add to the offerings.”