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Dubai sees surge in virtual property transactions

Dubai saw a rise of 11.3 percent in real estate transactions in August

Dubai’s virtual property transactions are booming due to attractive offerings by online home sellers, media reports said. It is reported that foreign investors are buying properties virtually through remote money transfer facilities.

Leading real estate agents Allsopp & Allsopp told the media, “it has clients buying properties from overseas virtually without even seeing the property physically or signing contracts in person. With property prices in Dubai comparing favorably with markets globally, supply reducing and a sharp increase in activity in the property market, investors are looking at properties in the city and forming the opinion that they need to act now.”

The surge in real estate transactions in August in Dubai is mainly because of the growing trend of virtual properties where people can choose homes seamlessly.

It is reported that Dubai saw a rise of 11.3 percent in real estate transactions in August compared to the same period last year. The transactions in August were more by 2.2 percent than in July.

Among the list of Dubai’s top areas that recorded more sales in August are International City, Business Bay, Jumeirah Village Circle and Town Square. Furthermore, these areas such as Business Bay, Jumeirah Village Circle, Arjan and Palm Jumeirah, only recorded off-plan transactions.

These are the areas where the secondary property sales surged: Town Square, Dubai Marina, Dubai Land, Downtown Dubai and Dubai Sports City.

The demand for property amid Covid-19 in Dubai is because of its development and sophisticated hospitality.

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