Dubai real estate is picking up pace as sales transactions for residential properties touches a 4 year high during the summer months of 2019, as per the latest data.
As far as volume and value are concerned, residential sales have done well during June, July and August this year as financial specialists and end-clients took advantage of the price reductions and invested in one of the best cities of the world.
With a 33.46% year-on-year development, residential sales transactions in Dubai saw 8,833 deals as opposed to 6,618 in the comparing period a year ago, as indicated by the insights of Data Finder, an information platform under the Property Finder Group. The emirate recorded 8,694 and 7,066 deals in comparable times of 2017 and 2016.
In terms of total value of deals, Dubai residential sales reached a 4 year peak with AED 14.94 billion worth of transactions being completed in the summer season of 2019 as compared to AED 12.58 billion in the similar period last year. This increase of 14.94% is a testament to the fact that now is the best time to invest in Dubai. The emirate posted Dh13.25 billion and Dh12.75 billion in deals in 2017 and 2016.
According to the analysis of experts and specialists, the countdown for Expo 2020 that starts next month, will be a driver for development of the real estate market, leading to the strong recovery of the property sector. They are of the feeling that Dubai proves to be an attractive option for investors while valuable bargains and post-handover payment plans intrigue end-users to purchase property in the city.
Lynnette Abad, chief of Research and Data, Property Finder, said costs today are extremely alluring and now is the best time to purchase and take advantage of attractive deals.
"This year especially, we have seen many end-users get on the property ladder, particularly consumers who have been sitting on the fence deciding when was a good time to buy. This, coupled with a large amount of completed supply in the affordable segment, has made buying achievable," she said.
Both the off-plan and ready sectors of the Dubai property market showed signs of a solid recovery as they have performed well in the summer months of the current year, according to experts. These include the sales of apartments, villas, hotel apartments, townhouses and residential plots.
Compared to the last 3 years, the secondary property market has had the best performance in the summer season this year. It enrolled a solid 20.43% year-on-year development by posting 3,801 deals in the summer of 2019, compared to 3,156 deals in in 2018. As indicated by Data Finder stats, the emirate enrolled 2,596 deals in the secondary market in 2017 and 2,661 deals in 2016.
Compared to the AED 7.7 billion worth of transactions during the summer of 2018, this year saw the transaction value to be posted at AED 7.07 billion. If you are looking to invest in the Dubai market, speak to our market specialist today!