Gulf Construction Online - Dubai realty hits record sales in October

Real Estate

Dubai realty hits record sales in October

01 December 2019

October was a record month for Dubai’s real estate sales, contradicting reports of a slowdown in the property market, according to Property Finder.

A total of 4,774 overall property sales was recorded with the Dubai Land Department (DLD) in October, the highest since 2008, it stated.

The month also hit a new record for overall off-plan sales, clocking in 2,841 transactions, the second highest since September 2015 which recorded 3,258 deals, according to statistics from Data Finder, the real estate insights and data platform under the Property Finder Group.

“There are currently many different dynamics in the market. Recently, the UAE Central Bank has removed the 70-year age limit for the last mortgage repayment and they also lifted the 20 per cent cap on real estate lending for banks,” remarks Lynnette Abad, director of Data and Research, Property Finder.

“There is a lot of new supply in the market that is priced affordably and as we get closer to Expo 2020, we have seen many consumers decide this is the right time to buy. This is an indication of consumer confidence in the market leading to 2020,” she adds.

Dubai Creek Harbour (438 deals), Business Bay (351), Dubai South (329), Villanova (221) and International City (221) recorded the highest overall property transactions in October.

For off-plan, the top picks for buyers were Dubai Creek Harbour (426 deals), Dubai South (319), Business Bay (251), Villanova (203) and Jumeirah (152), says Abad.

“Off-plan properties account for 59 per cent of the residential transactions to date and are still the favourite for investors due to attractive prices, payment plans and waiver of fees,” she notes.

Apartments enjoyed more buyer demand than villas and townhouses in Dubai. Apartments in Dubai Creek Harbour (437 deals), Business Bay (305), Downtown Dubai (206), Al Khail Heights (200) and International Cty (192) were traded the most in October.

Creek Edge Tower 1 and 2 in Dubai Creek Harbour sold the most apartments last month, she adds.

In a more granular breakdown, off-plan apartments in Dubai Creek Harbour, Business Bay and Downtown topped in transaction volume while in the ready space, apartments in Al Khail Heights, International City, Dubai Marina and Bluewaters Island dominated buyer interest in October.