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Dubai’s housing market takes a V-shaped recovery with surging demand

Dubai’s official sales price index DLD recorded an overall value of 1.095 in July

Dubai’s real estate market recorded sales worth Dh 8.943 billion in September. It is reported that 3,849 sales were carried out during the period, marking a 55.3 percent month-on-month V-shaped recovery. The reports are published by the Dubai Land Department.

The weekly sales averaged at 872 in September. Furthermore, 46 percent of the sales came from the off-plan segment and 54 percent from the secondary segment.

The region’s housing sector managed to remain afloat in the third quarter, while sales demand ramped up along with lower property prices. The demand for rents also spurred market activity. The quarter-on-quarter transactions surged 50 percent on the back of surging demand. The report is published by a UK-based firm Chestertons.

Dubai’s official sales price index DLD recorded an overall value of 1.095 in July, while 1.153 points was recorded by the Dubai apartment index and the Dubai villa index recorded 0.998. The Dubai overall index reached 1.136 in the third quarter, the apartment index recorded 1.197 and the villa index stalled at 0.983.

The report indicates a strong month for Dubai’s real estate sector. The overall transactions were placed at Dh8.943 billion, which is 39.1 percent higher than a year ago. Lynnette Abad, director of Research & Data at Property Finder, told the media, “There had been quite an array of interesting dynamics in the Dubai real estate market these past few months. “We have low supply in prime areas where demand is high which has caused multiple buyers and bids on properties.”

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