Real estate recovers steadily from the impact of Covid-19 and oversupply.
Secondary residential property sales in November 2020 broke a seven-year record as local real estate steadily recovers from the impact of the pandemic and oversupply.
The top areas for secondary apartment sales in November 2020 were Dubai Marina, Business Bay, Barsha Heights (Tecom), Downtown Dubai and Jumeirah Village Circle, real estate website Property Finder said on Monday.
The top areas for secondary villa/townhouse sales were Green Community, Arabian Ranches, Town Square, Nadd Al Sheba and Dubai Hills Estate.
According to Property Finder, 3,928 transactions worth Dh7.65 billion took place in Dubai last month — the highest in nine months. Of these, 61 per cent were in the secondary market and the rest in the off-plan market.
By value, 74.4 per cent was for secondary transactions.
April and May 2020 were the lowest months for secondary sales because of Covid-19 restrictions. Since the restrictions were eased, secondary residential real estate sales have been on the rise. It peaked in November 2020 with 2,179 sales transactions — the highest in six years and seven months.
“This year, no one ever expected … the market to rebound the way it has. November 2020 has broken records in the secondary market that stood for over six-and-a-half years,” said Lynnette Abad, Director of Research & Data at Property Finder.
“It will be interesting to see what happens in H1 2021 as these numbers are not sustainable. However, with Expo 2020 coming, we could potentially still see a surge in the numbers as demand will be there from foreign investments,” she added.
