Dubai registers a total of 41,988 real estate sales transactions in 2019, up 20% compared to 2018
Dubai registered a total of 41,988 real estate sales transactions in 2019, up 20 percent compared to 2018, according to new research.
Data Finder, the real estate insights and data platform under the Property Finder Group, said the figure represents the highest number of deals registered annually in Dubai since 2008.
It also follows the formation in September of the Higher Real Estate Committee to rebalance supply and demand.
The report said the committee has helped inspire market confidence, with both October and November seeing record number of transactions – 4,774 and 5,037, respectively.
December 2019 clocked 2,989 registered property sales transactions while other good months for property sales in Dubai last year were July (4,234), September (4,007) and May (3,512).
The top five areas which witnessed the highest overall property sales transactions in 2019 were Business Bay (3,146), Downtown Burj Khalifa (2,816), Dubai Creek Harbour (2,492), Dubai Hills Estate (2,373) and Dubai South (2,048).
For off-plan sales, the top five performing areas in Dubai were Dubai Creek Harbour (2,423 transactions), Downtown (2,088), Dubai Hills Estate (1,949), Dubai South (1,942) and Business Bay (1,811).
On the secondary market, areas that witnessed the most sales were International City (1,342), Business Bay (1,335), Dubai Marina (1,280), Jumeirah Village Circle (1,108) and Jumeirah Lakes Towers (851).
“Going into 2020 and leading up to the Expo, we should continue to see transaction levels increase and prices start to stabilise in certain areas. We have already started to see certain market dynamics shift as a direct effect from Expo and these trends will most likely continue throughout the year,” says Lynnette Abad, director of Data and Research, Property Finder.
She said there continues to be a preference for off-plan properties, with this asset class accounting for an overall 23,643 transactions in 2019, adding that this could be because of attractive prices and incentives offered by developers.
The report also showed that Dubai registered 18,345 transactions in the secondary market last year.
It noted: “With new homes becoming completed thick and fast, developers are forced to come up with rent-to-own schemes and other initiatives to make sure that they are not left with unsold, ready units. This makes it a perfect buyer’s market, with attractive prices, good deals and plenty of options to choose from.”
As per Data Finder project and supply data, there were over 45,000 units completed in 2019 which was the highest amount of units completed in one year over the last five years.
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