October was a record month for Dubai real estate sales, contradicting reports of a slowdown in the property market. There were 4,774 overall property sales recorded with the Dubai Land Department (DLD) in October 2019, the highest since 2008, according to statistics from Data Finder, the real estate insights and data platform under the Property Finder Group.
“There are currently many different dynamics in the market. Recently, the UAE Central Bank has removed the 70-year age limit for the last mortgage repayment and they also lifted the 20 percent cap on real estate lending for banks. There is a lot of new supply in the market that is priced affordably and as we get closer to Expo 2020, we have seen many consumers decide this is the right time to buy. This is an indication of consumer confidence in the market leading to 2020,” says Lynnette Abad, Director of Data and Research, Property Finder.
The month also hit a new record for overall off-plan sales, clocking in 2,841 transactions, the second highest since September 2015 which recorded 3,258 deals, reveals Data Finder.
“Off-plan properties account for 59 percent of the residential transactions to date and are still the favourite for investors due to attractive prices, payment plans and waiver of fees,” adds Abad.
Dubai Creek Harbour (438 deals), Business Bay (351), Dubai South (329), Villanova (221) and International City (221) recorded the highest overall property transactions in October. For off-plan, the top picks for buyers were Dubai Creek Harbour (426 deals), Dubai South (319), Business Bay (251), Villanova (203) and Jumeirah (152).
Apartments enjoyed more buyer demand than villas and townhouses in Dubai. Apartments in Dubai Creek Harbour (437 deals), Business Bay (305), Downtown Dubai (206), Al Khail Heights (200) and International Cty (192) were traded the most in October.
Creek Edge Tower 1 and 2 in Dubai Creek Harbour sold the most apartments last month.
In a more granular breakdown, off-plan apartments in Dubai Creek Harbour, Business Bay and Downtown topped in transaction volume while in the ready space, apartments in Al Khail Heights, International City, Dubai Marina and Bluewaters Island dominated buyer interest in October.
With prices at attractive levels, several residents are upsizing property and this was reflected in the villa/townhouse transaction numbers for October. The top 5 most popular communities for villa/townhouse sales in October were Dubai South (297 deals), Villanova (221), Cherrywoods (101), Arabian Ranches 3 (101) and Serena (88).
The top buyer picks for off-plan villa/townhouse communities in October were Dubai South (294 deals), Villanova (203) and Cherrywoods (101). The Expo Golf Villas accounted for the majority of demand in Dubai South.
Villa/townhouse communities that recorded the highest sales in the secondary market in October were Mudon (56 deals), Dubai Hills Estate (48) and Akoya Oxygen (36).