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REAL ESTATE

Dubai records real estate transactions worth Dh3.62 bn in April

Dubai real estate

The market recorded 1824 transactions in the month of April

The Dubai real estate market has recorded transactions worth Dh 3.62 million in the month of April this year, despite the coronavirus pandemic, the media reported.

The real estate market in Dubai recorded around 1824 transactions during the month of April. It includes 1,316 off-plan and 508 secondary sales transactions.

The off-plan transactions completed in April in the Dubai real estate market were dominated by Villanova and Dubai Creek Harbour for villa/townhouses and apartments respectively. Some of the most sought after off-plan sales locations include the Lagoons in Dubai Creek Harbour, accounting for 123 transactions, Jumeirah Village Circle (112), Villanova (110), Umm Suqeim (105) and Business Bay (97).

When it comes to secondary sales transactions, Dubai Marina recording 40 transactions and Palm Jumeirah recording 39.

Lynnette Abad, director of research and data, Property Finder told the media, “Since the beginning of March and when the Covid-19 crisis started, the percentage of searches on the Property finder Portal for villas/townhouses is higher than for apartments. This trend continues to grow even after the lockdown has eased.”

“When compared to the previous weeks, sales enquiries submitted to agents for villas in Dubai were up 30 percent than the same week last year. Rental leads for villas in Dubai are also up for the second week in a row, up 56 percent compared to the same week last year.”

According to media reports, over 20,000 units having been completed in the first four months of 2020 despite a slowdown in new project launches and the coronavirus pandemic, which has pushed the world into a state of lockdown and the global economy into recession.

 

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