Secondary market transactions in Dubai reached 18,345 last year.
khaleejtimes.com (Waheed Abbas/Dubai)
Investors and buyers cashed in on lower property prices in Dubai as the number of transactions jumped 20 per cent to hit 11-year high of 41,988 in 2019 as compared to 34,961 transactions in the previous year.
Data released by Property Finder revealed that the sale of off-plan properties took the lion’s share, accounting for 23,643 transactions or 56.3 per cent of the total due to attractive prices and incentives such as waiver of service fees, post-handover payment plans, discounts on registration charges and commission, guaranteed rental returns etc. offered by the developers.
Secondary market transactions in Dubai reached 18,345 last year. While the number of completed units reached over 45,000 last year.
Analysts believe that measures taken by the government such as formation of a Higher Real Estate Committee to rebalance supply and demand in September are infusing confidence in the market, prompting investors to return to the market following five years of decline in property market. They foresee this trend will continue in 2020 as well.
“Going into 2020 and leading up to the Expo, we should continue to see transaction levels increase and prices start to stabilise in certain areas. We have already started to see certain market dynamics shift as a direct effect from Expo and these trends will most likely continue throughout the year,” says Lynnette Abad, director of data and research at Property Finder.