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Strong sales performance in Q4 paves way for a solid start in 2021 as investors are back in the market

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Secondary home sales spur Dubai realty’s V-shaped recovery The secondary property sales in November were the highest in the past six years and seven months. — Wam Pent-up demand leads to 3,928 property transactions worth Dh7.65 billion in Dubai in November, the highest in 9 months. The property market in Dubai has started to gain momentum --- inversely to the global trends --- with the realty landscape showing signs of a V-shaped recovery. There is an unexpected surge in demand in the second half of the year for secondary villas and townhouses in the emirate. In its first-ever Zeitgeist ...

Prime and central locations such as The Springs, Dubai Marina, Jumeirah Lakes Towers and Arabian Ranches are also seeing an increase in demand as people, who were earlier priced out of these communities, now find them affordable. Dubai’s real estate market slowed after a drop in oil prices that began in 2014, in tandem with an oversupply in the market as projects are completed. JLL’s third quarter UAE Real Estate Market report said about 26,000 new homes were scheduled for completion in the final quarter of this year. Transactions picked up in November, though, with Property Finder statin...