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The growth and attractiveness of Dubai real estate market don’t changed during these exceptional circumstances due to Covid-19.
The statistics taken from Dubai Land Department (DLD) show the growth of Dubai real estate market and because transactions immediately picked up after the National Sterilisation Programme eased in Dubai. The demand seen in May was similar to what is seen following seasonal holidays, with sales and rental enquiries above the same week last year across all unit types.
The Dubai Land Department (DLD) recorded a total of 1,440 sales transactions worth AED 2.74 billion in May 2020, according to new research from Property Finder.
“Comparing April and May 2020, the overall value of the residential sales price index for Dubai overall recorded a growth of 0.5 per cent in May,” said Lynnette Abad, Director, Research and Data at Property Finder. “Currently, the Dubai residential real estate market is going through a v-shaped recovery and when analysing the various indexes for May 2020, we are seeing the same v-shaped pattern in the recovery.”
According to the research 66.5 percent of the sales were in the off-plan or initial sales segment, with 33.5 percent being in the re-sale segment.
In the first five months of 2020, a total of 13,590 sales transactions were recorded, collectively worth AED 27.8 billion. These data show the growth of Dubai real estate market.
The data comes as the DLD and Property Finder launch the third edition of Mo’asher, Dubai’s official sales price index.
Mo’asher, Dubai’s own House Price Index, is the official real estate index designed to provide customers with better insights and to support them in taking well-in- formed property buying decisions.
In May 2020, the sales index increased 12.1 percent compared to 2012, and a 0.5 percent increase in May compared to April 2020. Over the last two months, the index has seen an increase of 1.54 percent.
Additionally, the DLD and Property Finder credited strong index results amid the Covid-19 pandemic to Dubai’s villa and townhouse market, which is said remained solid as a result of people’s desire for outside, personal spacing amid the Covid-19 pandemic.