Stability is returning to Dubai’s property market, with month-on-month sale transactions in June growing by more than 60 per cent as buyers took advantage of lower prices.
More than 570 sales transactions a week were recorded last month, with the number of weekly sales increasing by about 11 per cent on average in the past three weeks, the Property Finder portal said in its latest report on Wednesday.
More than 5,560 sales transactions worth Dh10.88 billion took place during the second quarter, which is half the number of transactions during the first quarter, bringing this year's total to 15,893 deals worth Dh32.49bn.
Last month's numbers have laid the foundation for a faster recovery as patterns of a V-shaped recovery emerge, the company said.
Dubai’s property market has softened due to concerns about a property glut and a drop in oil prices that began in 2014.
However, the market could bounce back next year on the back of increased economic activity related to Expo 2020 Dubai, Hussain Sajwani, chairman of the UAE’s third-largest listed developer Damac, said in May.
The secondary market, which only accounted for 28 per cent of total sales in April and 33.5 per cent in May, accounted for 53 per cent of all sales transactions last month, in line with the trend before the pandemic.
“We have clearly seen pent-up demand during this time and some real estate agencies are having record-breaking months,” said Lynnette Abad, director of research and data at Property Finder. “Mortgage enquiries are high; interest rates are at an all-time low and the banks are giving their best offers yet.”
Villa and townhouse demand increased by more than 400 per cent since the health crisis began and the summer months will continue to be busy as prices are still very attractive, she said.
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Dubai rents, Q1 2020
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The top areas for secondary transactions last month were Dubailand (8.2 per cent), Business Bay (6.3 per cent), Dubai Marina (5.9 per cent), Town Square (5.7 per cent) and Dubai Hills Estate (5.2 per cent).
The top areas for off-plan transactions were Mohammed bin Rashid City (15.6 per cent), Jumeirah Village Circle (11.7 per cent), Downtown Dubai (9.2 per cent), Business Bay (8.4 per cent) and Dubai South (7 per cent).
Final round
25 under - Antoine Rozner (FRA)
23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)
21 - Grant Forrest (SCO)
20 - Ross Fisher (ENG)
19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)
Company%20profile
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RESULTS
6.30pm: Maiden Dh165,000 (Dirt) 1,200
Winner: Miqyaas, Adrie de Vries (jockey), Rashed Bouresly (trainer).
7.05pm: Handicap Dh165,000 (D) 1,600m
Winner: Untold Secret, Xavier Ziani, Salem bin Ghadayer.
7.40pm: Maiden Dh165,000 (D) 1,600m
Winner: Shanty Star, Fabrice Veron, Rashed Bouresly.
8.15pm: Handicap Dh190,000 (D) 1,600m
Winner: Alkaamel, Antonio Fresu, Musabah Al Muhairi.
8.50pm: Handicap Dh175,000 (D) 1,400m
Winner: Speedy Move, Richard Mullen, Satish Seemar.
9.25pm: Handicap Dh175,000 (D) 2,000m
Winner: Quartier Francois, Fernando Jara, Ali Rashid Al Raihe.
Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A
Ballon d’Or shortlists
Men
Sadio Mane (Senegal/Liverpool), Sergio Aguero (Aregentina/Manchester City), Frenkie de Jong (Netherlans/Barcelona), Hugo Lloris (France/Tottenham), Dusan Tadic (Serbia/Ajax), Kylian Mbappe (France/PSG), Trent Alexander-Arnold (England/Liverpool), Donny van de Beek (Netherlands/Ajax), Pierre-Emerick Aubameyang (Gabon/Arsenal), Marc-Andre ter Stegen (Germany/Barcelona), Cristiano Ronaldo (Portugal/Juventus), Alisson (Brazil/Liverpool), Matthijs de Ligt (Netherlands/Juventus), Karim Benzema (France/Real Madrid), Georginio Wijnaldum (Netherlands/Liverpool), Virgil van Dijk (Netherlands/Liverpool), Bernardo Silva (Portugal/Manchester City), Son Heung-min (South Korea/Tottenham), Robert Lewandowski (Poland/Bayern Munich), Roberto Firmino (Brazil/Liverpool), Lionel Messi (Argentina/Barcelona), Riyad Mahrez (Algeria/Manchester City), Kevin De Bruyne (Belgium/Manchester City), Kalidou Koulibaly (Senegal/Napoli), Antoine Griezmann (France/Barcelona), Mohamed Salah (Egypt/Liverpool), Eden Hazard (BEL/Real Madrid), Marquinhos (Brazil/Paris-SG), Raheem Sterling (Eengland/Manchester City), Joao Félix(Portugal/Atletico Madrid)
Women
Sam Kerr (Austria/Chelsea), Ellen White (England/Manchester City), Nilla Fischer (Sweden/Linkopings), Amandine Henry (France/Lyon), Lucy Bronze(England/Lyon), Alex Morgan (USA/Orlando Pride), Vivianne Miedema (Netherlands/Arsenal), Dzsenifer Marozsan (Germany/Lyon), Pernille Harder (Denmark/Wolfsburg), Sarah Bouhaddi (France/Lyon), Megan Rapinoe (USA/Reign FC), Lieke Martens (Netherlands/Barcelona), Sari van Veenendal (Netherlands/Atletico Madrid), Wendie Renard (France/Lyon), Rose Lavelle(USA/Washington Spirit), Marta (Brazil/Orlando Pride), Ada Hegerberg (Norway/Lyon), Kosovare Asllani (Sweden/CD Tacon), Sofia Jakobsson (Sweden/CD Tacon), Tobin Heath (USA/Portland Thorns)
