Dubai's real estate market showing signs of recovery
January 21, 2020 - Dubai
Dubai’s real estate sector may be showing early signs of a recovery, but the emirate still has a way to go to hit the figures last seen pre-December 2014 when the price of oil tumbled.
Statistics released this week by Data Finder, the real estate insights and data platform under the Property Finder Group, revealed 5,051 sales were recorded with the Dubai Land Department (DLD) in November, hitting an 11-year high on a monthly basis.
This eclipsed the 4,774 overall property sales registered in October and the 4,007 transactions recorded in September – with a total of 13,832 transactions over the three-month timeframe.
He said transaction volumes in 2019 increased by 22% compared to 2018, while mainstream prices fell by 5.9% in the year to December 2019, down from an 8.6% decline witness over the same period the previous year.
However, he warned: “Given the level of supply being delivered to the market currently and that which is expected to be delivered in 2020, we do not anticipate prices will begin recovering over the course of this year.”
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