Dubai Real Estate Market Report Q3 2020
The UAE economy started showing signs of recovery at the beginning of the third quarter of 2020. The Dubai government opened up the city to tourists and ﬂights started coming in since the ﬁrst week of July. • The total residential real estate transactions increased by 50% in the third quarter of 2020 when compared to the previous quarter. Although off-plan transactions stayed relatively stable and only declined by 2%, it is the secondary market transactions that performed really well in the third quarter and increased by 141% when compared to the previous quarter. • In the third quarter we saw an inverse change in the apartment transactions in terms of volume as individuals are ﬁnding it easier to buy homes due to reduced prices. • The apartments sales and rental prices have continued to soften in the third quarter of 2020. The quarterly decline of apartment sales prices has been 2.6% while for rentals it has been 4.5%. • Villa transactions increased by over 123% in the third quarter in terms of volume and around 91% in value due to high availability and lowered prices, villas are becoming more popular for both aspiring homeowners and investors alike. • The sales prices of the villa segment have not been affected as much due to increased demand, in fact there has been an uptick of 0.1% in the prices when compared to the previous quarter. • A total of 8,991 residential units were added to the market in the third quarter of 2020 bringing the total supply added in the year 2020 to 24,009 units. • The office prices have declined by 2.4% in the third quarter of 2020 when compared to the previous quarter.