Property deals hit one-day volume record as transactions surpass 2018 total

A record 515 transactions worth Dh888.3 million were registered on November 24

City skyscrapers stand on the waterfront seen from a construction site of residential apartments, operated by Skai Holdings LLC, on Palm Jumeirah artificial island in Dubai, United Arab Emirates, on Sunday, Aug. 31, 2014. Skai Holdings Chief Executive Officer Kabir Mulchandani's comeback caps a career that has tracked the twists and turns of a Dubai property market that’s now offering second chances to the investors and developers who stuck it out when others failed or fled in the aftermath of a 2008 crash. Photographer: Gilles Ledos/Bloomberg
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Momentum in Dubai’s property market continues to build, with the number of transactions hitting a one-day record on Sunday, according to listings portal Property Finder.

A total of 515 real estate transactions worth Dh888.3 million were registered in Dubai on Sunday, November 24, the highest one-day total since 2008, when data first became publicly available. The lowest volume of transactions so far this year was registered on May 16, when 163 deals were recorded.

“We are starting to see some new dynamics in the market take shape, mostly due to Expo 2020 and it will be interesting to see how these trends will grow into next year,” said Lynnette Abad, director of data and research at Property Finder.

“Sales transaction volume is 4 percent higher to date this year than all of 2018. I believe this trend will continue into 2020, where we will see higher amount of transactions take place,” Abad added.

Off-plan properties dominated sales registrations on November 24, accounting for 387 out of the 515 deals. 
The most expensive property transaction registered on November 24 was a 5-bedroom penthouse on the 45th floor of Dubai Properties' The One JBR, which sold for Dh33m, the report said.

Some 248 of the units sold were apartments, with popular off-plan schemes including Dubai Creek Harbour, La Mer, Azizi Riviera and Damac Hills.  In terms of villas Emaar's Arabian Ranches 3, Expo Golf Villas in Dubai South and Dubai Properties' Villanova were the most popular off-plan schemes with the buyers.
Off-plan properties continue to be popular with investors due to attractive prices, payment plans and fee waivers by developers, Property Finder said. The portal recently reported record monthly sales for October, with 4,774 overall property sales recorded with the Dubai Land Department last month, the highest since records became publicly available since 2008.

Although momentum in the Dubai property market is picking up in terms of the volume of deals, pricing remains under pressure due to the considerable amount of supply set to come to market. Sale prices were 7 per cent lower year-on-year for apartments and 9 per cent lower for villas in Dubai in the third quarter of 2019, according to JLL's UAE Q3 Market Report.

A total of 33,000 units are scheduled to be handed over in the final quarter of this year, and 65,000 more are due for handover next year, it added, but said it remained "remain cautious on the timely delivery of all these projects".