Dubai registered a total of 10,243 real estate transactions in the first quarter of 2020, Khaleej Times reports.
This represented a rise of 9.74% from 9,317 transactions recorded in the same quarter of 2019, according to Data Finder, the real estate data platform under the Property Finder Group.
Despite a seemingly slow March, property transactions in Q1 exceeded expectations to hit the highest number since Q1 2017, where 11,910 property sales transactions were registered during that time.
In addition, March alone saw more than 1,209 mortgage registrations, the highest since October 2019 and 24.8% higher than the figure recorded in March 2019.
“During the current situation, we have obviously seen a slowdown in transactions, however due to the government’s proactive, swift, extreme efforts, and policies I believe we will get through this tough period quicker than most, and the real estate market will start to transact again and will continue the trend where it left off in Q1,” said Lynnette Abad, director of data and research at Property Finder.