Dubai real estate transactions show signs of upturn in some areas

According to the latest report by Reidin, the number of property transactions stopped decreasing and is rising now in some Dubai areas.

Against the background of a general decrease in activity at the Dubai housing market some locations, in contrast, showed an uptick of the volume transaction quantitative indicators, says the latest report by Reidin property analytical website.

Variables for the Dubai real estate transaction numbers are truly indicative of the Dubai’s real estate market patchy nature in terms of changes in prices and demand. For example, while such central locations with elite housing like Dubai Marina and Downtown saw a decrease in number of transactions over the past nine months to 1,500 and 500, respectively, Jumeirah Lakes Towers transactions number stayed almost the same as previous year. In JLT numbers stood for 1200 this year, and dipped slightly compared with 2013 peak, when about 1600 property transactions were concluded there.

However, third quarter data analysis clearly showed that transactions total number obviously stopped shrinking, and some areas even saw a slight growth. For example, the number of property deals in Dubai Marina in Q3 was only 50 transactions less than the same period last year, and Downtown even saw its numbers increase by 10 deals compared with the third quarter last year.

10 more apartments were sold in JLT during the autumn months of 2015 compared with the same months last year.

“Q3 2014 versus Q3 2015 shows an uptick of activity signalling that a period of stabilisation may be on the horizon,” Reidin said in its report.

Reidin also noticed a clear increase in the number of Dubai property transactions concluded with the help of mortgage loans, which indicates an increase in the overall percentage of end-users buying property for their own accommodation.

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