Stability returns to Dubai’s property market with 60% growth in June sales – The National

Stability returns to Dubai’s property market with 60% growth in June sales – The National

There were more than 570 transactions per week on average in June, according to Property Finder

















The Dubai skyline. The secondary property market in Dubai has recovered to pre-coronavirus levels. Getty Images

















July 8, 2020



July 8, 2020













Stability is returning to Dubai's property market, with month-on-month sale transactions in June growing by more than 60 per cent as buyers took advantage of lower prices.



More than 570 sales transactions a week were recorded last month, with the number of weekly sales increasing by about 11 per cent on average in the past three weeks, the Property Finder portal said in its latest report on Wednesday.



More than 5,560 sales transactions worth Dh10.88 billion took place during the second quarter, which is half the number of transactions during the first quarter, bringing this year's total to 15,893 deals worth Dh32.49bn.





Last month's numbers have laid the foundation for a faster recovery as patterns of a V-shaped recovery emerge, the company said.



Dubai's property market has softened due to concerns about a property glut and a drop in oil prices that