Sales House Price Index - December 2020
Sales House Price Index - December 2020

The last few months in 2020‭ ‬have been record breaking for the secondary market with November and December both breaking the secondary/ready market transactions records for the past 7‭ ‬years‭. ‬December 2020‭ ‬had 2,579‭ ‬secondary/ready transactions worth AED 6.22‭ ‬billion‭, ‬9.7%‭ ‬more than November 2020‭, ‬which was already a record breaking month for the secondary/ready market‭.‬

Dubai real estate market performance‭, ‬due to the proactive measures taken and initiatives set by the Dubai Government‭, ‬is now back to a pre-covid sales transactions records‭. ‬It was a tumultuous year globally‭, ‬but Dubai managed to keep things under control‭ ‬and Dubai managed to keep the real estate market alive through innovative initiatives‭.  ‬

To date‭, ‬we have been going toward a V-shaped recovery and when we look at the numbers‭, ‬from the lowest numbers we had in May‭ (‬1‭,‬452‭ ‬transactions‭) ‬the market has recovered by almost 270‭ ‬percent‭.‬

April and May 2020‭ ‬were the lowest months historically for secondary sales because of the lockdown in Dubai‭, ‬but since the ease‭ ‬in restrictions the secondary residential real estate sales have been on a rise‭, ‬peaking in November 2020‭ ‬with 2,179‭ ‬sales transactions and then in December with 2,579‭ ‬sales transactions‭. ‬The highest in six years and nine months‭.‬

Despite the drawbacks in the market of the lockdown‭, ‬from the restricted movement and market conditions‭, ‬2020‭ ‬as a year did better than expected in terms of numbers‭. ‬A total of 35,400‭ ‬transactions took place in 2020‭ ‬worth AED 72.47‭ ‬billion‭. ‬14,356‭ ‬of these‭ ‬were for off-plan properties and 21,044‭ ‬were for secondary/ready properties‭, ‬worth AED 19.81‭ ‬billion and 52.66‭ ‬billion respectively‭.‬

Q4‭ ‬2020‭ ‬was the strongest quarter in 2020‭ ‬and helped the year recover the most in terms of volume and value with 11,064‭ ‬sales transactions worth AED 22.07‭ ‬billion‭.‬

Looking at overall mortgages for 2020‭, ‬there were a total of 12,958‭ ‬transactions worth 87.20‭ ‬billion‭. ‬Almost 100%‭ ‬of these were for secondary/ready property‭. ‬This‭  ‬increased shift in ready property is something we have seen throughout the year as residents are now opting to buy a place to live in‭, ‬rather than rent‭. ‬

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