#Dubai's real estate market showing signs of recovery, say experts - Arabianbusiness

Dubai's real estate market showing signs of recovery, say experts - Arabianbusiness:

Dubai’s real estate sector may be showing early signs of a recovery, but the emirate still has a way to go to hit the figures last seen pre-December 2014 when the price of oil tumbled, according to industry experts.

Statistics released this week by Data Finder, the real estate insights and data platform under the Property Finder Group, revealed 5,051 sales were recorded with the Dubai Land Department (DLD) in November, hitting an 11-year high on a monthly basis.

This eclipsed the 4,774 overall property sales registered in October and the 4,007 transactions recorded in September – with a total of 13,832 transactions over the three-month timeframe.

Taimur Khan, associate partner, Development Consultancy and Research at Knight Frank Middle East told Arabian Business Dubai’s residential market is “showing very early signs of recovery”. He said transaction volumes in 2019 increased by 22 percent compared to 2018, while mainstream prices fell by 5.9 percent in the year to December 2019, down from an 8.6 percent decline witness over the same period the previous year.