Mo’asher – May 2020 Publication
The Dubai sales house index increased by 12.1% in May 2020 compared to the base year 2012, and recorded a growth of 0.5% compared to April 2020.
The Dubai Land Department recorded a total of 1,440 sales transactions worth AED 2.47 billion with 66.5% in the off-plan segment and 33.5% in the secondary segment. This brings the year-to-May total to 13,590 sales transactions worth AED 27.8 billion.
Once we saw the lockdown ease in Dubai, real estate transactions immediately picked up. In May, we saw pent up demand similar to what we see after Ramadan, summer and winter holidays as sales and rental enquiries were significantly above the same week last year across all unit types.
Currently, the Dubai real estate market is going through a V shaped recovery and when analysing the various indexes for May 2020, we are seeing the same V shaped pattern in recovery.
The index that held strength throughout the Covid-19 situation was the Dubai Villas/Townhouses Index. The reason was very clear in consumer demand at the start of the pandemic, people instantly saw the value in outside, personal space and villa/townhouse demand rose significantly week on week. This trend is still moving upward today.