Official Dubai Land Department figures show real estate transactions recovered in late 2020 to increase to 35,400 .
Real estate transactions in Dubai increased to 35,400 with a value of AED72.47 billion ($19.7 billion), according to data from Mo’asher, the emirate’s official sales price index.
Launched by Dubai Land Department (DLD) in cooperation with Property Finder, Mo’asher recorded a total of 3,751 transactions worth AED7.50 billion in December.
It said the last few months in 2020 have been record-breaking for the secondary market, with November and December both breaking the records for the past seven years.
It added that Dubai real estate market’s performance is now back to pre-Covid sales transactions records due to the proactive measures taken and initiatives set by the Dubai Government.
Latifa Ibrahim Ahmed, director of the Real Estate Studies & Research Department at DLD, said: “This data confirms the strength of the real estate sector in particular and the macroeconomics of Dubai and the UAE in general. This has strengthened investor confidence and contributed to the effective return of activity to the sector, specifically over the past three months.
“These numbers will be a launchpad for the market in 2021, and we are certain that it will gain more momentum due to the gradual opening of global markets and the approach of Expo 2020 Dubai, the globally-awaited event.”
She said that since the lowest numbers were recorded in May while Dubai was in lockdown (1,452 transactions), the market had recovered by almost 270 percent.
Since the easing of restrictions, secondary residential real estate sales have been on a rise, peaking in November with 2,179 sales transactions and again in December with 2,579 sales transactions, the highest in six years and nine months.
Out of the total of 35,400 transactions in 2020, 14,356 of these were for off-plan properties and 21,044 were for secondary market properties.
Q4 2020 was the strongest quarter in 2020 and helped the year recover most in terms of volume and value through 11,064 sales transactions worth AED 22.07 billion, the data showed.
Lynnette Abad, director of Research & Data at Property Finder, said: “2020 was interesting, to say the least. When it comes to residential real estate, we at Property Finder predicted pent-up demand from the outset; we knew this was something that was going to impact the market.
“There was a significant rebound in the real estate market after restrictions eased, and people wanted to improve their home lifestyle. With attractive housing prices and the lowest mortgage rates we have ever seen, it was inevitable.”
Source: Arabian Business
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