Coronavirus: Over 1,800 transactions totaling $985mn recorded during lockdown in Dubai
1,316 off-plan and 508 secondary sales transactions recorded
PropertyFinder has stated that 1,824 transactions were recorded in the month of April in Dubai, despite the majority of the month being under lockdown.
The firm credits tools such as Live Viewings and Virtual Tours for the results. According to a statement, the majority of transactions were off-plan (1,316), while the remaining were secondary sales (508). The data comes from PropertyFinder’s data insights platform Data Finder.
The total number of transactions to date in 2020 stand at 12,254 totaling some $6.57bn. The firm said off-plan transactions were dominated by Villanova and Dubai Creek Harbour for villa/townhouses and apartments respectively. The top off-plan sales locations were The Lagoons in Dubai Creek Harbour (123 transactions), Jumeirah Village Circle (112), Villanova (110), Umm Suqeim (105) and Business Bay (97). The volume of transactions for the secondary market were considerably lower than the off-plan market, however Dubai Marina (40) and Palm Jumeirah (39) dominated.
These were followed by Mudon (31), Downtown Dubai (26) and Dubai Hills Estate (21), the statement said. The firm says its proprietary search demand data shows the trends of what consumers are looking for. For overall Dubai, the search demand has been dominated by Dubai Marina and Palm Jumeirah, with both areas accounting for 21% of all searches in the month of April 2020. This is followed by Downtown Dubai with 7.2% of all searches, Dubai Hills Estate with 4.8% and Jumeirah Village Circle with 4.2%.
The top keywords consumers used for the month of April are ‘payment plan’, ‘upgraded’, ‘seaview’, ‘furnished’ and ‘pool’. The trends show consumers are looking for more space and better payment terms, the statement noted.
“Since the beginning of March and when the COVID-19 crisis started, the percentage of searches on the Property finder Portal for villas/townhouses is higher than for apartments. This trend continues to grow even after the lockdown has eased. When compared to the previous weeks, sales enquiries submitted to agents for villas in Dubai were up 30% than the same week last year. Rental Leads for villas in Dubai are also up for the second week in a row, up 56% compared to the same week last year,” says Lynnette Abad, Director of Research and Data.
