According to the official sales price index in Dubai
July records 2404 real estate sales of 4.6 billion dirhams
The index aims to provide transparent and accurate data for all real estate market parties.
Photography: Patrick Castillo
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The Dubai Land Department, in cooperation with the "Property Finder" group, launched the fifth version of the official sales price index in Dubai, which takes 2012 as the base year, January 2012 as the base month, and the first quarter 2012 the base season.
The department revealed that a total of 2404 sales deals were recorded in July 2020, valued at 4.69 billion dirhams, while “off-plan sales” accounted for 29.6%, and the secondary sector was 70.4%, bringing the total sales until the end of July 2020 to 18,168 sales deals. , With a total value of 36.99 billion dirhams.
Transparent data
Latifa Ibrahim Ahmed, Director of the Real Estate Studies and Research Department at the «Dubai Land» said that the aim of the regular issuance of copying the index is to provide transparent and accurate data to all parties in the real estate market, including developers and investors, in addition to local and international media and analysis agencies, especially as it is It is receiving increased attention.
She added: “We believe that providing these detailed data on a monthly basis will place the Dubai real estate market on the list of the most transparent markets, to help the various categories of investors to make information-based decisions and develop long-term plans for their investments, especially in light of the appetite of financing companies and global investment funds to Dubai market, and take advantage of the promising opportunities in it ».
Villas / Townhouses
In turn, the Director of Research and Data at the "Property Finder", Lynette Abbad, said that in July 2020, 493 sales of ready-made villas / townhouses properties were recorded, which had acquired the largest number of transactions in this sector for one month throughout the previous periods. .
And she attributed the reason, in the emergence of this trend, to the high demand for wider real estate, which provides more outdoor spaces.
"During the closing period, search and demand data showed that people started searching for larger properties, shifting from traditional small family apartments to villas / townhouses, and this trend has grown significantly since the start of the closure, and it has continued to influence the market," she said.
Attractive prices
According to the index, attractive prices have attracted many investors and end-users, and transactions have returned to normal levels.
July 2020 also witnessed the registration of real estate mortgages amounting to 18.26 billion dirhams, covering 1,153 deals, representing 3.09 times the value, compared to June 2020, and 3.36 times the value compared to July 2019.
Overview
According to the index, real estate sales transactions in July 2020 recorded a growth of 3.7% per month, as about 600 units were sold in Dubai every seven days on average.
Apartments and villas
The value of the apartments index, in July 2020, amounted to 1,171 points, compared to 1,179 points in June 2020, and the selling price of the index reached one million, 10 thousand and 882 dirhams.
Comparing it to the past six months, it appears that the index has witnessed a decline of 0.26%.
However, when reviewing the index for the year, its number is still higher than it was in February and March 2020.
In turn, the value of the “Villas / Townhouse” index for the month of July decreased to 1,023 points, compared to 1.04 points in June 2020, and the index price reached 1 million 619 thousand and 298 dirhams.
Compared to the previous six months, the July index showed a decrease of 2.66%.
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