Average Dubai property selling price rebounds in Q3

Average Dubai property selling price rebounds in Q3

Property sales in Dubai have remained resilient in the face of the economic turmoil caused by the global coronavirus pandemic, according to new research.

A new report from Dubai-based brokerage Allsopp & Allsopp said overall transactions in the third quarter of the year up by 50 percent compared to the same period last year.

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The number of mortgages increased by 40 percent, while the average transaction price has gone up from AED2,209,397, to AED2,284,491 in Q3.

Lewis Allsopp told Arabian Business: “Q3 has seen a significant rise (95 percent) in clients enquiring to buy properties, however we have seen listings decrease (down 13 percent) which has resulted in an undersupply across a number of communities in the city which has