UAE: Prices, Rents of Dubai Properties Soften in H1 2020

UAE: Prices, Rents of Dubai Properties Soften in H1 2020

Published July 16th, 2020 - 09:00 GMT











Highlights





As per the Dubai Land Department's data, 15,897 sales transactions were recorded in Dubai between January to June 2020, amounting to a total value of Dh32.5 billion.







Appeal for villas witnessed a remarkable upswing as property prices and rents in Dubai's popular neighbourhoods remained fairly stable in the first-half of 2020 despite the severe fallout of the pandemic lockdown, according to data released on Wednesday.

Overall,  the realty market experienced minor declines of below four per cent when compared to prices in the second-half of 2019, showing the resilience of the Dubai real estate market, a combined report released by Bayut and dubizzle, reveals.

"Landlords and sellers have become more open to negotiations than ever before as a result of the unpredictability Covid-19 has brought to the market," said the report.

As per the Dubai Land Department's data, 15,897 sales transactions were recorded in Dubai between January to June 2020, amounting to a total value of Dh32.5 billion.

Haider Ali Khan, CEO of Bayut and dubizzle, said Dubai's property sector has adapted and stayed resilient during the pandemic, with the brokerage community turning to innovative virtual tools to facilitate real estate activity and stay connected