The real estate sector in Dubai is slowly gaining traction as sales of homes reach a 4-year high in the summer of 2019; this is according to the latest data.
The real estate sector has enjoyed a good performance in terms of value and volume in the period between June and August 2019. End users and Investors exploited price correction during this period and most acquired property in what is considered the best place to place to own an investment in the world.
Transaction sales grew 33.46 percent, year on year, and the city saw 8833 deals. This was an improvement from the 6618 deals registered in the same period in 2018, according to data from Data Finder.
The real estate also experienced a 4-year high with regards to value, as sales totaling Dh 1.4 billion were registered in the summer of this year, compared to the Dh 12.58 that was registered in 2018, which reflects a 14.94 percent growth.
Experts and analysts believe that the real estate sector is experiencing recovery at when the City is looking forward to hosting the 2020 Expo, which is a driver of growth in the real estate sector. The Expo takes place this October.
It is the expert’s opinion that the city will continue to see more investment in the real estate sector as the authorities continue with price correction, long-term payment solutions, and attractive bargains. These incentives will encourage potential investors to buy property in Dubai.
Currently, off-plan arrangements are still doing very well in Dubai. In fact, the city has had tremendous recovery in both ready and off-plan categories. The recovery was felt in the sale of hotel and residential apartments, residential land, villas as well as townhouses.
Dubai’s secondary and ready housing segment has had a good run this summer when compared to the last three years. The city registered a 20.43 percent growth, which represents sales worth 3801 for transactions done during the summer this year. This is more than the 3156 deals during the same period in 2018.
Off-plan deals still account for a huge part of the transactions in this city. They account for about 5032 deals in 2019. This is much better than the 3462 deals registered during the same period in 2018. The off-plan segment clocked Dh 7.3 billion between June and August 2019, and Dh 8.5 in the same period of 2018.
The off-plan system will continue to show outstanding results thanks to an enticing pricing model and other incentives offered by the city.