Summer residential property sales in Dubai hit four-year high
Properties worth a total of $3.9 billion purchased through June, July and August – 33% increase on 2018
Dubai witnessed 8,833 residential sales transactions over June, July and August.
Residential sales transactions in Dubai in the summer of 2019 hit a four-year high, according to Property Finder.
Over the summer the emirate saw greater volume and value of sales transactions than the previous three years.
Dubai witnessed 8,833 residential sales transactions over June, July and August. This compares with 6,618 similar deals in the corresponding period of 2018, 8,694 in 2017 and 7,066 deals over the three-month period in 2016.
It was a particularly good period for the Dubai ready, secondary housing market, which registered 3,801 sales as opposed to 3,156 in 2018, 2,596 in 2017 and 2,661 in 2016.
“This year especially, we have seen many end-users get on the property ladder, particularly consumers who have been sitting on the fence deciding when was a good time to buy,” said Lynnette Abad, director of research and data, Property Finder.
“This, coupled with a large amount of completed supply in the affordable segment, has made buying achievable. Prices today are very attractive and now is a good time to buy and negotiate a very attractive deal.”
The off-plan market still made up the majority of transactions in Dubai, accounting for 5,032 deals in the summer months of 2019. This compares with 3,462 off-plan transactions in the summer of 2018, 6,098 such deals in 2017 and 4,405 deals in 2016.
“Off-plan is still a very lucrative investment in Dubai with attractive pricing and developer incentives such as enticing payment plans and post-handover payment plans,” Abad added.
In terms of the value of residential sales transactions, Dubai saw homes cumulatively worth AED14.46 billion ($3.9bn) exchange hands in June, July and August this year. This compares with residential sales worth AED12.58bn ($3.4bn) in the summer of 2018, AED13.25bn ($3.6bn) in the comparable period in 2017 and AED12.75bn ($3.4bn) in the same timeframe in 2016.
Dubai’s off-plan housing market also had a relatively good run, clocking sales worth AED7.3bn ($1.98bn) in the summer months of 2019, significantly up from AED4.88bn ($1.3bn) in 2018, although this is down from AED8.5bn ($2.3bn) in the summer of 2017 and AED7.9bn ($2.15bn) in 2016.