• 11

    Dubai's super-prime residential market drops 52.9% during Covid lockdown

    26th July, 2020

    Despite the Covid-19-enforced lockdown, there were six real estate transactions in Dubai above $10 million between March and June, worth $80m in total. According to the latest research from real estate outfit Knight Frank, that number is down 52.9 percent from the 13 properties sold (worth $173m) in the same period last year, while there were eight transactions above $10m in total in the first half of 2020. Taimur Khan, associate partner at Knight Frank Middle East, said: “Given this segment of the market is a relatively nascent, although a rapidly growing segment, activity is very much dictated by the availability of quality stock which in recent times is becoming relatively limited, this may have contributed to declining transaction volumes.” The research revealed there had been 153 residential real estate transactions above $10m across the globe over the three-month period from March to June, worth around $3.2bn. “Dubai’s mainstream and prime markets ($1m+), a more appropriate gauge to determine the health of the market, have fared comparatively better with transaction volumes only falling by 13.4 percent and 18 percent year-on-year in the year to date H1 2020 respectively,” added Khan. Dubai’s activity was on a par with that witnessed in Sydney and was ahead of Miami (four), Orange County (four), Geneva (three) and Melbourne (one). London saw the largest increase and takes the top spot with an average transaction value of $38m, compared to $16.9m in 2019 – the average in Geneva also jumped, while Hong Kong, which usually sits in first place, fell to third position.

  • 12

    Dubai’s real estate sector records transactions worth Dh72.5 billion in H1 2020

    26th July, 2020

    Dubai: Dubai’s real estate market witnessed transactions worth Dh72.5 billion in the first half of 2020, despite the impact of the global COVID-19 outbreak, according to a report issued by the Dubai Land Department (DLD). The figures indicate that Dubai’s real estate sector is gradually returning to normal, driven by the stimulus packages and initiatives launched by the government and its departments in the past few months. EXCEEDED EXPECTATIONS: The report states that real estate transactions for the second quarter of 2020 exceeded Dh24.5 billion with 7,834 procedures, while 22,779 procedures were recorded during H1 2020, representing a total value of Dh72.5 billion. In terms of mortgage registration of lands, buildings, and units in Q2 2020, Hadaeq Sheikh Mohammed bin Rashid was placed first with 205 transactions worth Dh341 million, followed by Me’aisem First with 113 transactions worth Dh113 million, and Jabal Ali First with 107 transactions worth Dh156 million. The next seven positions were secured by Burj Khalifa, Al Yelayiss 2, Dubai Marina, Al Thanyah Fourth, Al Barsha South Fourth, Wadi Al Safa 7, and Al Thanyah Fifth respectively.