Huge surge in demand for Dubai villas as residents upgrade amid pandemic

SourceArabian Business
SectorReal Estate

Demand for ready to move in villas and townhouses in Dubai has witnessed a growth of over 500 percent since May this year as residents choose to upgrade their living situations, according to Ari Kesisoglu, president of Property Finder. Despite the economic uncertainty caused by the continuing coronavirus crisis, Kesisoglu told Arabian Business that the recovery in the emirate’s real estate market began in July. That month, the market witnessed the highest sale of secondary villas and townhouses recorded in the history of the UAE since the property market opened up to non-GCC nationals. Ari Kesisoglu, president of Property Finder October recorded a 57.1 percent increase in property sale transactions and 70.4 percent increase in value of transactions on the previous month. Kesisoglu said: “Each month has witnessed record-breaking numbers, and that speaks for itself – people are investing in the market, and the majority of sales are for ready-to-move-in-units, which implies that a lot of residents are upgrading their living situations, despite the current environment.” He added that 665 secondary or ready-to-move-in villas and townhouses were transferred in October, a 7.2 percent increase on the second highest month, September, at 605 transactions and 34 percent higher than the third highest month ever, July, more...