Mo’asher – August 2020 Publication
The Dubai Real Estate market recorded 2,480 sales transactions in August 2020 worth AED 4.72 billion. This is a rise of 13.4 percent in number of sales transactions compared to August 2019.
From these transactions, 31.5 percent were off-plan whereas 68.5 percent were in the secondary market. In previous years, the summer months were typically slower for real estate transactions in Dubai because of the summer holidays. This year, due to the Covid-19 situation, many residents chose not to travel. This, coupled with pent up demand and attractive pricing drove transactions higher.
We also started to see prices stabilize in some prime areas in Dubai, including some areas where prices are slightly rising. These are areas where supply is limited and demand is high. The trends of consumers looking for larger properties is also still going strong. Since the start of the pandemic, the ratio of transactions for 3, 4 and 5 bedrooms has increased by 9 percent, 20 percent and 15 percent respectively.