Dubai: Residential Property Sales Activity Soars in Q3 Due to the Fall of Rental Rates

Dubai: Residential Property Sales Activity Soars in Q3 Due to the Fall of Rental Rates

There had been increased sales activity in the third quarter, which rose by 50% Q-on-Q, largely attributed to pent up demand from Q2, along with developer promotions offered to clear built but unsold inventory, stated Chestertons in its latest Observer: Dubai Residential Report Q3 2020. Total transaction volume was down 21.7% from Q3 2019, it added.

Apartment prices fell 3.4% Q-on-Q, an increased rate of decline from the previous quarter, while villa sales prices witnessed a marginal fall of just 0.2%, said Chestertons in its report.

In the rental market, apartment rental rates fell by 3.6%, whereas villas saw declines of 1.2%, it stated.

Chris Hobden, Head of Strategic Consultancy, Chestertons Mena, said: "Dubai witnessed a clear increase in transactional activity during the third quarter, building on a recovery seen during the final