Dubai: Record transactions for ready houses signal strong real-estate recovery | ZAWYA MENA Edition
The demand for ready-to-move-in villas and townhouses in Dubai surged to an all-time high in October. A total of 665 secondary or ready-to-move-in villas/townhouses were transferred during the month, 7.2 percent higher than in September 2020 and more than 500 percent higher than in May 2020, according to data from the Dubai Land Department (DLD).
In October 2020, the DLD recorded a total of 3,395 sales transactions worth AED 6.93 billion ($1.89 billion), with 37.2 percent in the off-plan segment and 62.8 percent in the secondary segment. This brings the year-to-date total to 27,815 sales transactions worth AED 57.43 billion, according to Mo’asher, Dubai’s official sales price index developed by DLD and Property Finder.
Latifa Ibrahim Ahmed, Director of the Real Estate Studies & Research Department at DLD, said, "Among the most important data that can be obtained this month is the emergence of strong signs of recovery in the market and its return to normal paths across the various segments of real-estate units, especially through the demand for luxury units and the registration of sustainable growth month after month. Overall, this means that the market will enter the new year strongly, especially if we take into account the growing momentum of preparations for Expo Dubai.”
Dubai's overall index has remained stable at 1.092. The Dubai apartment and villa/townhouse index remained steady as well due to more affordable units coming into the ready market.
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