Dubai Property Sales spike ahead of Coronavirus impact
There was a 12% rise in overall transactions in January 2020 compared to January 2019
There was a significant uptick in Dubai-based real estate transactions in the first two months of 2020, although it is too early to predict whether these levels will be sustained amid the ongoing coronavirus pandemic, according to a new report from Property Finder.
Dubai Land Department (DLD) statistics revealed there was a 12 percent rise in overall transactions in January 2020 compared to January 2019, while February saw a 33 percent hike compared to the same time the year before.
Notably, February also witnessed a 76 percent rise in off-plan transactions, including 504 off-plan villa transactions and 2,251 apartment transactions.
DLD statistics show a total of 4,356 sales transactions, with a total value of AED9.4 billion.
“These powerful figures speak for themselves. We have seen a huge surge in interest in off-plan transactions – which underlines the strong faith that local, regional and international buyers have in Dubai,” said Property Finder president Ari Kesisoglu.
“Undeniably, we believe the upsurge in interest year-on-year shows that Dubai’s economy remains globally significant, and Expo 2020 is causing a noticeable spike in property purchases ahead of the October event,” he added.
Big ticket sales in February included an AED700.2 million sale of the Shangri-La Dubai hotel, as well as a AED75m sale for a seven-bedroom villa in Dubai Hills.
The most popular off-plan projects sold in February 2020 were Creek Beach, Dubai Creek Harbour, with 140 units, and Burj Crown, Downtown, which saw 139 units taken.
Popular off-plan villa projects included Arabian Ranches 3 and Dubai South.
“Location is crucial, and Dubai has a community for everyone – for single, young, and for large local families,” Kesisoglu said. “Our newly-launched innovative map search tools make it easier than ever before to search and find the perfect area to live in – whether you are familiar with the emirate or not.”
