A total of record 515 real estate transactions cumulatively worth Dh888.3 million ($241.8 million) were registered in Dubai on November 24, the highest since 2008 when data became publicly available, said Property Finder, a top property portal.
The second-highest 1-day volume recorded was on September 6, 2015, when 405 property transactions were registered in Dubai, according to Data Finder, the real estate insights and data platform under the Property Finder Group.
The lowest volume of transactions so far this year was registered on May 16, with 163 real estate deals.
The most expensive property transaction registered on November 24 was a 5-bedroom penthouse on the 45th floor of The One JBR which sold for Dh33 million, according to Data Finder statistics.
“We are starting to see some new dynamics in the market take shape, mostly due to Expo 2020 and it will be interesting to see how these trends will grow into next year,” says Lynnette Abad, director of Data and Research, Property Finder.
Off-plan properties dominated sales registrations on November 24, accounting for 387 out of the 515 deals. In this segment, buyers mostly opted for off-plan apartments, with 248 unit sales registered.
Popular areas
In terms of buyer preferences, popular off-plan apartment projects were Dubai Creek Harbour, La Mer, Azizi Riviera and Damac Hills. When it came to off-plan villa developments, Emaar’s Arabian Ranches 3, Expo Golf Villas in Dubai South and Dubai Properties’ Villanova registered the most number of deals on November 24.
Off-plan properties are still the favourite for investors due to attractive prices, payment plans and fee waivers by developers.
This comes on the back of a record October for Dubai property, with sales hitting an 11-year high on a monthly basis. Property Finder had reported that 4,774 overall property sales were recorded with the Dubai Land Department (DLD) in October 2019, the highest since 2008.
“Sales transaction volume is 4 percent higher to date this year than all of 2018. I believe this trend will continue into 2020, where we will see higher amount of transactions take place than years before,” added Abad.
All these point to resurgence in consumer confidence in the Dubai property market, with the abundance of new supply at affordable prices, said a Property Finder statement. – TradeArabia News Service
Dubai sets new record in 1-day property deals
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