#Dubai home sales surged 55.9% in April

Dubai home sales surged 55.9% in April

Dubai’s real estate continued to attract investors and end-users as home sales surged on rising demand in April despite a steady rise in prices, the latest data shows.

Home sales recorded year-on-year growth of 55.9 per cent last month as the demand for villas and apartments remained intact. However, home sales transactions registered a 17.4 per cent decline month-on-month basis.

“The month-on-month performance saw cash and mortgage sales of ready properties decline 13 per cent and off-plan Oqood (contract) registrations down 23.3 per cent,” according to the ValuStrat Price Index (VPI).

In another development, Property Finder’s proprietary demand data showed that the emirate recorded 6,983 real estate sales transactions worth Dh18.2 billion in April, the highest ever for the month since 2009.

Secondary market sales transactions, comprising 60 per cent of the total, constituted 4,212 transactions worth Dh12.86 billion, while off-plan properties, comprising the remaining 40 per cent, constituted 2,771 properties worth a total of Dh5.33 billion.

The real estate witnessed 45.48 per cent more transactions this April this year compared to the same month last year, resulting in a 66.62 per cent spike in value. This is broken down into a 46.2 per cent increase in the secondary volume and a 63.86 per cent increase in value, as well as a 44 per cent increase in off-plan sales transactions and a 73.68 per cent increase in value, according to Property Finder’s data.