Arabian Business, Wednesday, Jul 1, 2020 | Zul Qaadah 10, 1441
Dubai property sales total AED 2.74bn in May
Emirates:
The Dubai Land Department (DLD) recorded a total of 1,440 sales
transactions worth AED 2.74 billion in May 2020, according to new research from
Property Finder.
According to the research 66.5 percent of the sales were in the off-plan or
initial sales segment, with 33.5 percent being in the re-sale segment.
In the first five months of 2020, a total of 13,590 sales transactions were
recorded were recorded, collectively worth AED 27.8 billion.
The data comes as the DLD and Property Finder launch the third edition of
Mo’asher, Dubai’s official sales price index. The index has a base year of 2012,
a base month of January 2012, and a base quarter of Q1 2012.
In May 2020, the sales index increased 12.1 percent compared to 2012, and a 0.5
percent increase in May compared to April 2020. Over the last two months, the
index has seen an increase of 1.54 percent.
“These figures provided by the index reflect the attractiveness of the Dubai
real estate market, even during these exceptional circumstances,” said Latifa
Ibrahim Ahmed, director of the real estate studies and research department at
DLD.
The statistics show that real estate transactions immediately picked up after
the National Sterilisation Programme eased in Dubai. Property Finder noted that
the pent-up demand seen in May was similar to what is seen following seasonal
holidays, with sales and rental enquiries above the same week last year across
all unit types.
Additionally, the DLD and Property Finder credited strong index results amid the
Covid-19 pandemic to Dubai’s villa and townhouse market, which is said remained
solid as a result of people’s desire for outside, personal spacing amid the
Covid-19 pandemic.
“Comparing April and May 2020, the overall value of the residential sales price
index for Dubai overall recorded a growth of 0.5 per cent in May,” said Lynnette
Abad, Director, Research and Data at Property Finder. “Currently, the Dubai
residential real estate market is going through a v-shaped recovery and when
analysing the various indexes for May 2020, we are seeing the same v-shaped
pattern in the recovery.”