Dubai’s 2020 property deals at Dh72.47b as demand for ready homes rise

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A strong second-half ensured that Dubai’s property market see off 2020 with some significant gains.
Image Credit: Ahmed Ramzan/Gulf News

Dubai: Sharp improvement in sales in recent months boosted Dubai’s real estate transactions to total Dh72.47 billion from 35,400 deals (as compared to 41,000 plus in 2019).

December itself pushed the tally by Dh7.5 billion from 3,751 deals, according to Dubai Land Department, indicating that the property market was able to get back quite a bit of momentum after the pandemic attack.

In fact, November and December both set seven-year highs for secondary or ready market sales. While December saw 2,579 such transactions worth Dh6.22 billion, which was 9.7 per cent more than November.

Worst phase

Last April and May were the most affected months in terms of secondary sales due to the lockdown phase.
“Since the ease in restrictions, secondary residential real estate sales have been on a rise, peaking in November (2,179 transactions) and December (2,579),” according to Dubai Land Department.

“These numbers will be a launchpad for the market in 2021, and we are certain that it will gain more momentum due to the gradual opening of global markets and the approach of Expo 2020 Dubai,” said Latifa Ibrahim Ahmed, Director of Real Estate Studies & Research at Dubai Land Department.

“This has strengthened investor confidence and contributed to the effective return of activity to the sector, specifically over the past three months.”

14,356

Number of offplan properties sold in 2020 out of the 35,400 units overall



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