Dubai sets new record for number of single-day property transactions

Dubai’s real estate sector recorded 515 real estate transactions worth Dhs888.3m on Sunday, November 24, posting an 11-year high in the number of property transactions registered in the emirate in a single day, according to real estate insights provider Data Finder.

The most expensive property transaction was for a five-bedroom penthouse worth Dhs33m in Dubai’s JBR area, a statement said.

The second highest single-day volume of property deals was recorded on September 6, 2015 when 405 transactions were registered in the emirate.

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Sales registrations on November 24 were dominated by off-plan properties, which constituted 387 out of the 515 deals. Among those, 248 sales registrations were for off-plan apartments.

In the off-plan villas’ segment, Emaar Properties’ Arabian Ranches 3, Expo Golf Villas in Dubai south and Dubai Properties’ Villanova registered the most deals, the statement said.

“We are starting to see some new dynamics in the market take shape, mostly due to Expo 2020 and it will be interesting to see how these trends will grow into next year,” said Lynnette Abad, director of data and research, Property Finder, the parent group of Data Finder.

“Sales transaction volume is 4 per cent higher to date this year than all of 2018. I believe this trend will continue into 2020, where we will see higher amount of transactions take place than years before,” she added.

The increased number of transactions came in the wake of a successful run in October, with 4,774 overall property sales recorded with the Dubai Land department (DLD) – the highest since 2008, the statement said.

In September this year, Dubai announced the creation of a new real estate committee to ensure that semi-government real estate companies did not compete with private developers, as well as to maintain balance in the emirate’s property market.

Read: Dubai Ruler announces new committee to balance real estate market

Additionally, last month, Dubai’s Real Estate Regulatory Agency (RERA) announced 10 core principles that real estate companies were required to follow while operating in the emirate. The core ethics included trust, integrity, confidentiality and privacy, and conflict of interest among others.

Read more: Dubai announces 10 ‘ethical’ principles for real estate companies

Also read: Dubai’s housing market ‘oversupplied’ despite drop in prices – UBS