Downtown Dubai is named the top performing community both in terms of volume and value of total residential transactions
Downtown Dubai was the top performing community in the city both in terms of volume and value of total residential transactions registered in the first eight months of 2019, according to new research.
Statistics from Data Finder, a real estate insights and data platform under the Property Finder Group, revealed that the community accounted for 2,034 transactions from January until August worth AED5.4 billion.
With several handovers underway, Dubai Hills Estate is also generating a lot of buyer interest and accounted for the second highest number and value of registered transactions. It accounted for 1,771 residential transactions which were collectively worth AED3.4 billion.
Jumeirah Village Circle (1,323 transactions), Business Bay (1,275) and Dubai Creek Harbour (1,214) also took a lion’s share of the transactions, according to the figures.
Other Dubai communities that accounted for a big chunk of transactions in terms of volume were Dubai Marina (1,096), Dubai South (1,089), International City (973), Jumeirah Lakes Towers (739) and Al Furjan (702).
The report said the top 10 communities accounted for 51.7 percent of all residential transactions since the beginning of the year as Dubai clocked a total of 23,652 deals.
Upcoming areas such as Dubai Hills Estate, JVC, Dubai Creek Harbour and Dubai South have driven the volume of sales in Dubai so far this year sugggesting that as new homes are getting handed over, there is significant activity in the secondary market.
“The newer areas have become quite popular with buyers. When looking at our proprietary demand data, we have seen Dubai Hills Estate and JVC climb up in the rankings over the last few months,” said Lynnette Abad, director of data and research, Property Finder.
Palm Jumeirah (AED2.5 billion), Dubai Creek Harbour (AED2.3 billion), Business Bay (AED1.8 billion), Dubai Marina (AED1.77 billion), Dubai Harbour (AED1.6 billion), Mohammed Bin Rashid City (AED1.3 billion), JVC (AED1.09 billion) and Dubai South (AED1.03 billion) rounded up the top 10 areas for transactions ranked by value.
These accounted for 53.3 percent of all transactions in terms of value since the beginning of the year.
Real estate transactions cumulatively worth AED41.8 billion were registered in Dubai until the end of August.