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November 28th 2019dubai real estate, News

Dubai property transactions reach record one-day high

Volume of sales transactions is 4 percent higher to date this year than all of 2018

Dubai saw the most property transactions in a single day since the heady days of 2008 on Sunday last, according to new data.

A total of 515 real estate transactions – worth $241 million (AED 888.3m) – were registered in Dubai on the day, the highest since 2008 when data became publicly available.

Data Finder, the real estate insights and data platform under the Property Finder Group, said the second-highest one-day volume recorded was on September 6, 2015, when 405 property transactions were registered in Dubai. The lowest volume of transactions so far this year was registered on May 16, with 163 real estate deals.

The most expensive property transaction was noted on November 24 was a 5-bedroom penthouse on the 45th floor of The One JBR which sold for AED 33 million, according to Data Finder statistics.

“We are starting to see some new dynamics in the market take shape, mostly due to Expo 2020 and it will be interesting to see how these trends will grow into next year,” says Lynnette Abad, director of Data and Research, Property Finder.

Off-plan properties dominated sales registrations on November 24, accounting for 387 out of the 515 deals. In this segment, buyers mostly opted for off-plan apartments, with 248 unit sales registered.

Popular areas

In terms of buyer preferences, popular off-plan apartment projects were Dubai Creek Harbour, La Mer, Azizi Riviera and Damac Hills.

When it came to off-plan villa developments, Emaar’s Arabian Ranches 3, Expo Golf Villas in Dubai South and Dubai Properties’ Villanova registered the most number of deals on November 24.

Off-plan properties are still the favourite for investors due to attractive prices, payment plans and fee waivers by developers.

This comes on the back of a record October for Dubai property, with sales hitting a 11-year high on a monthly basis.

Property Finder had reported that 4,774 overall property sales were recorded with the Dubai Land Department (DLD) in October 2019, the highest since 2008.

“Sales transaction volume is 4 percent higher to date this year than all of 2018. I believe this trend will continue into 2020, where we will see higher amount of transactions take place than years before,” Abad added.

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