October month records highest property sale in Dubai since 2008

Dubai

The Dubai Land Department (DLD) recorded property sales the highest this year. There were about 4,774 properties sold in Dubai in the month of October, 2019. This report has proved itself to be a challenge when we talk about a sinking property market of Dubai.

The number recorded, is highest since 2008, as per one of the largest Real Estate market place in Dubai.

October month hits a new record of off-plan sales. There were 2,841 transactions as per the data. This is second highest as compared to 3,258 of September, 2015.

People still love to invest in off-plan properties and hence those continue to contribute a higher number when we calculate the property sale in Dubai. Reason is Off-plan properties have effective payment plans, waiver fees and affordable prices.

Locations like Dubai South, Villanova, Business Bay, Dubai Creek Harbour, Jumeriah are most favorable for off-plan property buyers.

The former 3 of those locations contribute to having the highest property transactions in October. International City is also on the same list.

Apartments are sold more as compared to Townhouses/Villas. Dubai Creek Harbour, Downtown Dubai, International City, Al Khail Heights, Business Bay are the locations having most sold apartments in October.

While Cherrywoods, Arabian Ranches 3, Serena, Villanova and Dubai South are most favorable locations for Villa/Townhouses.

The Director of a well known Real Estate market place says – “There is a lot of new supply in the market that is priced affordably and as we get closer to Expo 2020, we have seen many consumers decide this is the right time to buy. This is an indication of consumer confidence in the market leading to 2020.”

Though the market has been challenging, demand to buy a property and most significantly investing in Dubai still continues to be an afficable decision of investors/property buyers.