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October was a record month for property sales in Dubai, despite reports of a slowdown in the property market.
In October, Dubai Land Department (DLD) officially registered 4,774 real estate sales, the highest since 2008, according to statistics from Data Finder, real estate analytics and data platform of the Property Finder Group.
“A lot of new offers at affordable prices have appeared on the market. In addition, in the short run of the Expo 2020, many buyers not only did finally believe the experts, but they saw themselves that now is the time to buy property. This reflects consumer confidence in the market, especially ahead of 2020,”said Lynette Abad, director of Data and Research at Property Finder.
According to the report, a new record was also achieved in terms of monthly sales in the off-plan real estate sector — 2841 transactions for were registered. This was the second biggest amount since September 2015, when 3258 transactions were recorded.
“Real estate off-plan accounts for an average of 59 per cent of housing transactions. These properties are especially popular with investors because of attractive prices, payment plans, waivers on registration and other fees,” Abad added.
As for locations, the biggest part of housing units in October was sold in areas such as (438 transactions), (351 sales), (329 deals), Villanova (221 sales) and International City (221 transactions).
In the off-plan real estate category, buyers most often chose such locations as Dubai Creek Harbor (426 transactions), Dubai South (319 sales), Business Bay (251 transactions), Villanova (203 deals) and (152 transactions).
Among the housing types, apartments, as usual, were in greater consumer demand than villas and townhouses in Dubai. Most of the apartments in October were sold in Dubai Creek Harbor (437 transactions), Business Bay (305 deals), (206 sales), (200 transactions) and the democratic International City (192 transactions).
Among the , the five most popular communities in October included Dubai South (297 transactions), Villanova (221 sales), Cherrywoods (101 deals), 3 (101 transactions) and Serena (88 transactions).
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