Dubai’s apartment, villa prices down in Q2 over Covid crisis: report – ZAWYA

Dubai’s apartment, villa prices down in Q2 over Covid crisis: report – ZAWYA

Dubai's apartment, villa prices down in Q2 over Covid crisis: report | ZAWYA MENA Edition HomeWealthAlternative InvestmentsArticleDubai's apartment, villa prices down in Q2 over Covid crisis: report Residential transactions totalled 5,233 units during Q2    Image used for illustrative purpose. Aerial view of Dubai Marina in the evening. Dubai's residential sector faced a challenging second quarter of 2020, with social distancing measures, coupled with Covid-19's economic impact, affecting market performance, said global property expert Chestertons.Dubai's residential sector faced a challenging second quarter of 2020, with social distancing measures, coupled with Covid-19's economic impact, affecting market performance, said global property expert Chestertons.However, with encouraging transaction figures in June, a move towards more typical sales volume is expected in Q3, stated Chestertons in its latest Observer: Dubai Residential Q2 2020 report.Residential transactions totalled 5,233 units during Q2, representing a 40% fall year-on-year and a quarterly fall of 45%, valued at AED9.06 billion ($2.46 billion). The sharp decline in transactions is largely a result of preventative measures to reduce the spread of Covid-19 restricting sales activity during April and May, where total sales stood at 1,739 and 1,373 units, respectively. Eased restrictions during June had a notable impact on sales volume, with monthly