Real estate transactions in Dubai rose an annual 10 per cent during the first quarter on the back of government policies to support the economy in the wake of coronavirus pandemic, according to listings portal Property Finder.
Total property sale transactions during the period ending March 31 reached 10,243, Property Finder said in a statement on Thursday. The month of March alone recorded 3,124 sales transactions worth Dh6.99 billion.
“During the current situation, we have obviously seen a slow down in transactions, however, due to the governments proactive, swift, extreme efforts and policies I believe we will get through this tough period quicker than most," said Lynnette Abad, director of data and research at Property Finder. "The real estate market will start to transact again and will continue the trend where it left off in the first quarter”.
Mortgage registrations during the quarter were consistently higher than 2019 on a weekly basis, according to the report. The month of March had more than 1,209 mortgage registrations, which is the highest number since October 2019 and 24.8 per cent more than March 2019.
Downtown Burj Khalifa, Business Bay, Dubai Marina, Mohammed Bin Rashid City and Jumeirah Village Circle recorded the highest overall property sales transactions during the period.
In off-plan sales, Business Bay, Downtown Burj Khalifa, Mohammed Bin Rashid City, Jumeirah Village Circle and Palm Jumeirah topped the list.
The UAE government announced a number of new initiatives to support the economy in the wake of the coronavirus pandemic.
Last month the Central Bank of the UAE rolled out a Dh100bn economic stimulus, which it increased to Dh256bn. The regulator reduced reserve restrictions on bank deposits and massively expanded its Targeted Economic Support Scheme. In parallel, the UAE government pushed out Dh126bn in fiscal stimulus.
The regulator is providing facilities to banks to help them give customers loan repayment holidays and a reduction in charges.