Mo’asher – June 2020 Publication
The purpose of Mo’asher was to achieve transparency in Dubai’s real estate market. We are pleased to announce that since it’s release, Dubai has moved from the 40th position into the 36th position in JLL’s Global Real Estate Transparency Index 2020. According to JLL’s report, Mo’asher constitutes an important step forward for Dubai, as it means the establishment of a single index that is widely used by all market participants. In the Middle East & North Africa, UAE continues to advance as the rest of the region lags and Dubai registers further improvement in market data availability and is on the cusp of ‘Transparent’.
Feeling the effects of the lockdown Dubai was in full lockdown in April, partially in May and didn’t start opening up fully until June. Hence, the entire Q2 was affected by COVID-19. When it comes to real estate sales transactions, Dubai saw 5,605 sales transactions in Q2 2020 worth AED 11.05 billion. The secondary market saw 40 percent of the transactions in Q2 while off-plan accounted for 60 percent of the transactions. In June, the volume of sales transactions was 2,361 worth AED 4.9 billion and the secondary market, for the first time since the lockdown began had higher sales transactions in the secondary market than off-plan transactions at the end of Q2.
A strong June laid the foundation for a faster recovery and we are seeing patterns of a V-shaped recovery, which is characterized by a rapid rise
following a decline, as we are back to the transaction levels of February and early March 2020.