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Dubai real estate sector hits record sales in October


October was a record month for Dubai's real estate sales, contradicting reports of a slowdown in the property market, according to Property Finder. 
A total of 4,774 overall property sales was recorded with the Dubai Land Department (DLD) in October, the highest since 2008, it stated.
The month also hit a new record for overall off-plan sales, clocking in 2,841 transactions, the second highest since September 2015 which recorded 3,258 deals, according to statistics from Data Finder, the real estate insights and data platform under the Property Finder Group.
"There are currently many different dynamics in the market. Recently, the UAE Central Bank has removed the 70-year age limit for the last mortgage repayment and they also lifted the 20 percent cap on real estate lending for banks," remarked Lynnette Abad, Director of Data and Research, Property Finder.
"There is a lot of new supply in the market that is priced affordably and as we get closer to Expo 2020, we have seen many consumers decide this is the right time to buy. This is an indication of consumer confidence in the market leading to 2020," she added.
Dubai Creek Harbour (438 deals), Business Bay (351), Dubai South (329), Villanova (221) and International City (221) recorded the highest overall property transactions in October. 
For off-plan, the top picks for buyers were Dubai Creek Harbour (426 deals), Dubai South (319), Business Bay (251), Villanova (203) and Jumeirah (152), said Abad.
“Off-plan properties account for 59 per cent of the residential transactions to date and are still the favourite for investors due to attractive prices, payment plans and waiver of fees,” she noted.
Apartments enjoyed more buyer demand than villas and townhouses in Dubai. Apartments in Dubai Creek Harbour (437 deals), Business Bay (305), Downtown Dubai (206), Al Khail Heights (200) and  International Cty (192) were traded the most in October. 
Creek Edge Tower 1 and 2 in Dubai Creek Harbour sold the most apartments last month, she added.
In a more granular breakdown, off-plan apartments in Dubai Creek Harbour, Business Bay and Downtown  topped in transaction volume while in the ready space, apartments in Al Khail Heights, International City, Dubai Marina and Bluewaters Island dominated buyer interest in October. 
With prices at attractive levels, several residents are upsizing property and this was reflected in the villa/townhouse transaction numbers for October. The top 5 most popular communities for villa/townhouse sales in October were Dubai South (297 deals), Villanova (221), Cherrywoods (101), Arabian Ranches 3 (101) and Serena (88), said the report by Property Finder Group.
The top buyer picks for off-plan villa/townhouse communities in October were Dubai South (294 deals), Villanova (203) and Cherrywoods (101). The Expo Golf Villas accounted for the majority of demand in Dubai South, stated the report.
Villa/townhouse communities that recorded the highest sales in the secondary market in October were Mudon (56 deals), Dubai Hills Estate (48) and Akoya Oxygen (36), it added.-TradeArabia News Service

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