Real es­tate deals in Dubai hit one-day vol­ume record

The National - News - - BUSINESS - FA­REED RAH­MAN

Mo­men­tum in Dubai’s prop­erty mar­ket con­tin­ues to build, with the num­ber of trans­ac­tions hit­ting a one­day record on Sun­day, ac­cord­ing to list­ings por­tal Prop­erty Finder.

A to­tal of 515 real es­tate trans­ac­tions worth Dh888.3 mil­lion were reg­is­tered in Dubai, the high­est one-day to­tal since 2008, when data first be­came pub­licly avail­able. The low­est vol­ume of trans­ac­tions so far this year was reg­is­tered on May 16, when 163 deals were recorded.

“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,” said Lyn­nette Abad, di­rec­tor of data and re­search at Prop­erty Finder.

“Sales trans­ac­tion vol­ume is 4 per cent higher to date this year than all of 2018. I be­lieve this trend will con­tinue into 2020, where we will see a higher amount of trans­ac­tions take place,” Ms Abad added.

Off-plan prop­er­ties dom­i­nated sales reg­is­tra­tions on Sun­day, ac­count­ing for 387 out of the 515 deals. The most ex­pen­sive prop­erty trans­ac­tion reg­is­tered on the day was a five-bed­room pent­house on the 45th floor of Dubai Prop­er­ties’ The One JBR, which sold for Dh33m, the re­port said.

About 248 of the units sold were apart­ments, with pop­u­lar off-plan schemes in­clud­ing Dubai Creek Har­bour, La Mer, Az­izi Riviera and Damac Hills. In terms of vil­las, Emaar’s Ara­bian Ranches 3, Expo Golf Vil­las in Dubai South and Dubai Prop­er­ties’ Vil­lanova were the most pop­u­lar off-plan schemes with buy­ers.

Off-plan prop­er­ties con­tinue to be pop­u­lar with in­vestors be­cause of at­trac­tive prices, pay­ment plans and fee waivers by de­vel­op­ers, Prop­erty Finder said. The por­tal re­cently re­ported record monthly sales for Oc­to­ber, with 4,774 over­all prop­erty sales recorded with the Dubai Land Depart­ment last month, the high­est since records be­came pub­licly avail­able since 2008.

Although mo­men­tum in the Dubai prop­erty mar­ket is pick­ing up in terms of the vol­ume of deals, pric­ing re­mains un­der pres­sure ow­ing to the con­sid­er­able amount of sup­ply set to come to mar­ket. Sale prices were 7 per cent lower year-on-year for apart­ments and 9 per cent lower for vil­las in Dubai in the third quar­ter of 2019, ac­cord­ing to JLL’s UAE Q3 Mar­ket Re­port.

A to­tal of 33,000 units are sched­uled to be handed over in the fi­nal quar­ter of this year, and 65,000 more are due for han­dover next year, JLL added, but it said it would “re­main cau­tious on the timely de­liv­ery of all th­ese projects”.

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