Dubai records 50% QoQ higher property sales volume in Q3-20

SectorReal Estate
CountryUnited Arab Emirates

UAE: Dubai's property sales volume increased by 50% during the third quarter (Q3) of 2020, when compared to the second quarter (Q2) of 2020, as shown by the latest report by Chestertons, an international residential property specialist.Higher property sales are driven by unfulfilled demands in Dubai's real estate sector from Q2-20 along with the variety of developers' offerings, according to a press release on Wednesday.On an annual basis, Dubai's property sales activity plunged by 21.7% in Q3-20.In the July-September period, the apartment and villa sales prices in Dubai decreased by 3.4% and 0.2% quarter-on-quarter (QoQ), respectively.In the rental market, apartment and villa rental rates decreased by 3.6% and 1.2%, respectively.As for the transactions, completed property sales reached 4,587 units in the third quarter (Q3) of 2020, up from 1,902 in the earlier quarter and from 4,084 in more...