UAE: Dubai Property Transactions in June Proof of Speedy Recovery

UAE: Dubai Property Transactions in June Proof of Speedy Recovery

Property transaction levels in Dubai in June hit what was previously recorded in February, setting a foundation for recovery of the local property sector for the second-half of 2020.

The second-quarter Mo'asher report released by the Dubai Land Department (DLD) and Property Finder showed that a strong June performance laid the foundation for a faster recovery. The market is seeing patterns of a V-shaped recovery, which is characterised by a rapid rise following a decline.

"We are currently back to the transaction levels of February and early March 2020," the report said.

In June, the volume of sales transactions stood at 2,361 worth Dh4.9 billion and the secondary market, for the first time since the lockdown began, had higher sales transactions than off-plan transactions at the end of Q2.

Dubai saw 5,605 sales transactions