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Despite the global pandemic, Dubai has seen “impressive levels” of real estate transactions over the past few months, the chief commercial officer of a United Arab Emirates-based property developer said last week.
Property transaction levels in Dubai in June hit what was previously recorded in February, setting a foundation for recovery of the local property sector for the second-half of 2020.
Arabian Ranches has claimed the top spot among buyers and investors interested in ready villas in Dubai in the first-half 2020, followed by Palm Jumeirah and The Villa.
Strong June transactions lay foundation for rebound; more units being sold. Real estate sale transactions in Dubai jumped by 60 per cent month-on-month in June 2020 signalling patterns of a V-shaped recovery, according to developers and property experts.
Property prices and rentals around areas connected to Dubai Metro's Route 2020 will be more resilient compared to the wider market, according to property analysts and industry executives. They believe that rates will rise in the medium to long term but not in the short term due to oversupply in the market.