October 2019 sees 11-year high in Dubai real estate transactions
Property Finder report shows 4,774 overall property sales recorded with the Dubai Land Department in October 2019
Contradicting reports of a slowdown in the property market, October 2019 was a record month for Dubai real estate with 4.774 overall property sales recorded with the Dubai Land Department – the highest number of real estate transactions in the emirate since 2008, according to statistics from Data Finder, the real estate insights and data platform under UAE-based Property Finder.
Dubai also registered 2,841 off-plan transactions last month, which is the second highest since September 2015, which recorded 3,258 transactions.
Dubai Creek Harbour recorded the most transactions in October 2019 at 438 deals, while Business Bay at 351 transactions; Dubai South at 329 transactions; Villanova at 221 transactions; and International City with 221 deals completed, followed closely.
For off-plan, the top picks for buyers were Dubai Creek Harbour, Dubai South, Business Bay, Villanova, and Jumeirah.
Commenting on the findings, director of data and research, Lynette Abad, said: “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% 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.”
Construction Week also reported that Emaar witnessed a 125% year-on-year increase with 7,214 home registrations in the first nine months of the year. Homes built by other big developers in the first nine months of this year included 2,294 sales for Damac Properties; 1,653 sales for Nakheel; 1,639 sales for Dubai Properties Group; 1,213 sales for Azizi Developments; and 827 sales for Danube Properties according to Data Finder.