In March 2020, a total of 10,243 real estate transactions were recorded in Dubai, according to Data Finder, a property data analytic platform from Property Finder Group. This means that the volume of registered sales transactions increased by 9.74 per cent compared with the same period last year, when 9,317 transactions were registered.
This is also the largest number of sales transactions registered in the first quarter of Dubai since 2017, when 11,910 deals were concluded in the emirate's real estate market.
In addition, despite the COVID-19 crisis and related restrictions, so far this year the mortgage loans invariably exceeded the 2019’s figures on a weekly basis. In March alone, more than 1,209 mortgages were approved, which is the highest number since October 2019, and is 24.8 per cent higher than in March, 2019.
“In the second half of 2019, we’ll face an upward trend in registration of real estate sales transactions, with several record months in terms of sales volumes. This trend stayed strong throughout the first three months of 2020, with transaction volumes increasing monthly. In the current situation, of course, property buyers’ activity has decreased, but due to fast and even extreme efforts made by the UAE and Dubai governments, we will probably pass through this difficult period faster than most countries, and real estate market will return to its previous state and keep the trend observed in the first quarter,” Linnett Abbad, Director of Research and Data at the Property Finder, said.
March 2020: off-plan sales VS ready housing sales
The top 5 Dubai locations with the highest real estate sales recorded in March 2020 were Downtown Burj Khalifa (223 transactions), Business Bay (217 transactions), Dubai Marina (182), Mohammed Bin Rashid City (145) and Jumeirah Village Circle (132 Transactions).
Regarding off-plan real estate sales, the top five areas included Business Bay (149 sales), Downtown Burj Khalifa (144 transactions), Mohammed Bin Rashid City (120), Jumeirah Village Circle (88) and Palm Jumeirah (70 transactions).
In the secondary market, most apartments and houses were sold in areas such as Dubai Marina (147), International City (109), Downtown Burj Khalifa (79), Business Bay (68) and Jumeirah Beach Residence (66).
Villas and townhouses VS apartments
As regards of villas/ townhouses sales, in March 2020, the most of these properties were sold in Dubai Hills Estate (53 transactions), Dubai South (37), Akoya Oxygen (35), Arabian Ranches 3 (34) and Mohammed Bin Rashid City (29).
And in the apartment sector, the absolute maximum sales were recorded in the Burj Crown building in the Downtown Burj Khalifa (90 apartments), as well as in the mega-popular new Se7en Residences on the man-made island Palm Jumeirah (68 apartments) from the Seven Tides developer. In addition, a lot of apartments sales transactions were recorded in The Terraces project of the Sobha Hartland district (52 units), as well as in another Seven Tides project, Seven City in the Jumeirah Lakes Towers (44 apartments), and both in Zada Tower building in Business Bay (40 apartments).
Many experts believe that the current crisis associated with COVID-19, like any other crisis, provides far-sighted investors with new opportunities to purchase properties in Dubai at reduced prices and with maximum benefits and bonuses from developers. Contact IMEX Real Estate and we’ll tell you how to take advantage of these benefits even at a distance.
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