Construction Week in Focus | Update on property sales in Dubai's real estate market
In today’s episode of Construction Week in Focus, we will share the latest updates in the Dubai real estate market and give you a sneak-peek into the latest numbers recorded by the Dubai Land Department as of October 2019.
In addition to property market sales, we also provide an overview of how homes built by Emaar Properties has dominated buyer interest in 2019, based on data provided by Data Finder, the real estate insights and data platform under the Property Finder Group.
Contradicting reports of a slowdown in the property market, October was a record month for Dubai real estate sales, a Property Finder report stated, with more than 4,774 overall property sales recorded with the Dubai Land Department (DLD) in October 2019 alone – which is the highest since 2008.
October 2019 also witnessed a new record in overall off-plan sales, clocking in 2,841 transactions, the second highest since September 2015 which recorded 3,258 deals.
A number of factors have contributed to these record sales. Recently, the UAE Central Bank removed the 70-year age limit for the last mortgage repayment. The Central Bank also lifted the 20% cap on real estate lending for banks.
A huge supply in market, combined with a healthy pipeline of properties have caused a buyer’s market where people not only have many options to choose from in terms of villas and apartments, but also have developers offering attractive payment incentives.
Appealing government policies such as long-term visas have boosted the market that is becoming increasing affordable for local, regional, and foreign investors looking to invest in real estate.
Homes built by Emaar Properties, both off-plan and in the secondary market, were traded the most in Dubai so far this year. There were 7,214 sales registrations involving homes built by the Burj Khalifa developer in the first nine months of this year, which is a whopping 125 percent increase compared to the same period last year.
In comparison, Damac Properties recorded 2,294 sales until Sept. 2019, Nakheel reported 1,653 sales, Dubai Properties Group saw 1,639 sales, Azizi Developments recorded 1,213 sales, and Danube Properties saw 827 sales in the first nine months of 2019, according to a Property Finder report.
In terms of supply, 37,250 residential units in freehold and non-freehold projects have been completed so far in Dubai this year.
For more updates on Dubai’s real estate sector in or to catch the latest developments on major GCC construction projects, visit our news website Constructionweekonline.com.
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