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

SourceAl Bawaba
SectorReal Estate
CountryUnited Arab Emirates

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 more...