Dubai Property Sales Hit Record Volumes As Prices Fall
Last month set a record for the most Dubai property sales since 2008 with close to 5,000 real estate transactions, according to Dubai Land Department statistics compiled by real estate portal Property Finder.
There were 4,774 sales of residential and commercial properties and land, according to Data Finder, the real estate insights and data platform under the Property Finder Group.
Dubai property prices have been declining since 2014 due to a three-year slump in oil prices and market oversupply, as well as a move by developers towards building smaller, more affordable homes.
In terms of districts, the highest number of transactions was 438 for Dubai Creek Harbour, followed by 351 for Business Bay, 329 for Dubai South and 221 each for Villanova and International City.
The top five most popular communities for villa and town house sales were Dubai South with 297 sales, followed by Villanova, Cherrywoods, Arabian Ranches 3 and Serena.
In the secondary market, the areas with the highest sales were Mudon with 56 transactions, followed by Dubai Hills Estate and Akoya Oxygen.
The time of year also plays a role, with people who recently moved to Dubai now looking to buy property and others wanting to make their purchases before the winter holidays, Ms Abad said.