Mo’asher – Dubai Property Sale Transactions Volume in Q3 2020 grew 57.1% and Total Value grew 70.4%
Dubai Land Department (DLD), in cooperation with Property Finder, launched the sixth edition of Mo’asher, Dubai’s official sales price index. This comes as part of DLD’s keenness to provide all parties in the real estate market with the latest data that monitor market performance. The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.
In September 2020, DLD recorded a total of 3,849 sales transactions worth AED 8.943 billion, averaging 872 properties sold in Dubai every seven days, with 46% in the off-plan segment and 54% in the secondary segment. This brings the year-to-date total to 24,473 sales transactions worth AED 50.62 billion.
In July 2020, Mo’asher recorded an overall Index value of 1.095, the Dubai apartment Index reached 1.153 and the Dubai villa/townhouse Index reached 0.998. In Q3 2020, the Dubai overall Index reached 1.136, the Dubai apartment index reached 1.197 and the Dubai villa/townhouse Index reached 0.983.
September 2020 was a very strong month for Dubai residential real estate. In September we had 3,894 property sales transactions which was 55.3% higher than August and 63.9% higher than July. The total value of the transactions was AED 8.943 billion which is 89.5% higher than August 2020 and 39.1% higher than September 2019.
46% of the sales transactions in September were off plan transactions compared to 54% in the secondary market transactions properties, which is a rise in the off plan sector by 15% compared to August 2020. Looking at the number of transactions in each segment, the off plan transactions grew by 129.2% and the secondary transactions grew by 23.5% compared to August 2020. The value of off plan properties transacted grew by 155.7% and the value of secondary property transacted grew by 74.2% compared to August 2020.
As was predicted, we have seen a V-shaped recovery in the real estate sector and it was enforced with September results as we started to see the same level of both transaction volume and values.
Q3 2020 had a total of 8,675 property sales transactions which is 55.1% higher than Q2 2020. The total value of the transactions in Q3 reached AED 18.146 billion which is 65% higher than the Q2 2020. This brings the overall total for Sales transaction this year to 24,473 with a total value of AED 50.62 billion.
The breakdown of the transactions for Q3 was 37.3% off plan and 62.7% secondary which is a rise in the secondary sector by 21.7% when compared to Q2 2020.