Dubai Records $1.8 Billion Worth of Property Sales in October

  • Date: 03-Dec-2020
  • Source: Al Bawaba
  • Sector:Real Estate
  • Country:UAE
  • Who else needs to know?

Dubai Records $1.8 Billion Worth of Property Sales in October

October has emerged as a strong month for Dubai's residential real estate with 3,395 property sales transactions worth AED6.93 billion ($1.8 billion), thus recording a 37.2% jump in the off-plan segment and 62.8% in the secondary segment, This brings the year-to-date total to 27,815 sales transactions worth AED 57.43 billion ($15.6 billion), according to Dubai's official sales price index Mo'asher. 

This remained a record-breaking month for secondary/ready villas/townhouses with 665 unit transfers

1013 villas/townhouses and a total of 2,031 apartments were transferred in October, stated the index, launched by Dubai Land Department (DLD) in cooperation with Property Finder.

The base year for Mo'asher is 2012 and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.

Based on Property Finder's data, 665 secondary or ready to move in villas/townhouses were transferred in October, up 7.2% over September with 605 transactions. 

The past four months had the highest number of transactions for villas/townhouses consistently, with each month being at an all-time high and the record broken the very next month. This consistent growth started after May, which had 110 transactions and has since grown by over 500%, it stated.

DLD Director of the Real Estate Studies