Dubai’s sales transactions have declined, according to a report released by leading real estate consultancy Reidin, Trade Arabia notes.

The report states that mortgage activity is growing in Dubai, recording 55% of sales activity, which indicates a doubled increase in the past seven years. Mortgage activity in apartments located in middle-income communities such as JVC and IMPZ have exceeded other developments such as Dubai Marina, indicating a shift in purchase preferences triggered by financing methods provided by banks.

Villas located in complexes such as Jumeirah Park have a low mortgage-to-sales ratio, which reportedly indicates that mortgage demand continues to increase across villa developments despite the decline in Jumeirah Park.

Mortgage financing will continue to gradually increase despite challenges presented by a strong USD, according to the report.