Dubai: Real Estate Sector Signals Signs of Steady Recovery

Dubai: Real Estate Sector Signals Signs of Steady Recovery

The Dubai Land Department (DLD) recorded a total of 3,395 sales transactions worth Dh6.93 billion In October 2020, bringing the year-to-date total to 27,815 transactions worth Dh57.43 billion, signalling strong signs of recovery in the property market.

Of the October transactions, 37.2 per cent were in the off-plan segment and 62.8 per cent in the secondary segment, according to Mo'asher, Dubai's official sales price index that the DLD launched in cooperation with Property Finder.

The index is designed to give a comprehensive and transparent view of the market movement in general, said Latifa Ibrahim Ahmed, director of the DLD's real estate studies and research department.

“We are proud to issue this index every month and provide it to researchers and those interested in the real estate market such as developers and investors,” she said.

Among the most important data that can be obtained this month is the emergence of strong signs of recovery in the market and its return to normal paths across the various segments of real estate units, especially through the demand for luxury units, and the registration of sustainable growth month-after-month.

“Overall, this means that the market will enter the new year strongly, especially if we take into account the growing momentum