Real Estate Top Stories
Dubai-real-estate-October-GBO-image

Dubai’s real estate registers the best performance in eight years

Official figures mention that Dubai saw 5,352 sales transactions worth $3.57 bn

Dubai real estate market recorded its best performance in eight years in October after recording 5,352 sales transactions that amounted to $3.57 billion, according to media reports. Keeping in tune with the Dubai Expo 2020, the region’s property sector continued to grow further.

During October 60 percent of all transactions were for secondary or ready properties and 40 percent were for off-plan properties. The ready market saw 3,219 sales transactions amounting to Dh8.72 billion and the off-planned property segment saw 2,133 properties worth Dh4.4 billion in total.

Dubai Land Department (DLD) added that the year-to-date total sales amounted to 48,651 sales transactions worth Dh177.44 billion. Additionally, within ten months, the value of real estate transactions increased by 63.4 percent compared to 2020 and already shows the highest yearly sales figure since 2015. In terms of overall index numbers, October has been the highest since June 2019 and the highest for index value since March 2019.

The figure also mentioned that the villa/townhouse index has increased by 14 percent in the last six months. The Covid-19 pandemic has definitely accelerated the demand for larger properties, which, in turn, has led to an increase in sales and broke records for the most sold.

Property finder data showed that primary areas in demand for Dubai are Damac Hills 2, Nad Al Sheba, The Springs, Dubai Hills Estate and Arabian Ranches. Talking about ready-to-move-in apartments, the most preferred areas are Dubai Marina, Business Bay, Jumeirah Village Circle, Downtown Dubai and Jumeirah Lake Towers.

Related posts

Nigeria-based Zenith Bank denies merger speculations with Union Bank

GBO Correspondent

NEOM aims to be the world’s most competitive free zone

GBO Correspondent

Japan’s NEC to take over Avaloq for $2.2 billion

GBO Correspondent