The first eight months of 2019 has seen Downtown Dubai crowned as the top performing district in the UAE when it comes to property.
According to statistics from Data Finder, a real estate insights and data platform, Downtown Dubai came out in front of all other Dubai districts both in terms of volume and value of total residential transactions registered till August.
The Downtown Dubai community was the only district to surpass 2,000 transactions during the first eight months, including many from overseas property investors, reaching 2,034 from January until August which were cumulatively worth Dh5.4 billion ($1.47 billion).
The property transactions in Downtown Dubai included sales of apartments, villas, townhouses and land plots.
Second place went to Dubai Hills Estate, which is generating a lot of buyer interest and accounted for the second highest number and value of registered transactions. It accounted for 1,771 residential transactions which were collectively worth Dh3.4 billion.
Jumeirah Village Circle (1,323 transactions), Business Bay (1,275) and Dubai Creek Harbour (1,214) also took a large share of the deals and rounded up the top 5 transacting areas from January until August 2019, according to the statistics from Data Finder.
Other Dubai communities that accounted for a big chunk of transactions in terms of volume were Dubai Marina (1,096), Dubai South (1,089), International City (973), Jumeirah Lakes Towers (739) and Al Furjan (702).
The top 10 communities were found to have accounted for 51.7 per cent of all residential transactions since the beginning of the year. Dubai clocked a total of 23,652 residential transactions in the first eight months of the year.
Despite the dominance of Downtown Dubai, upcoming areas such as Dubai Hills Estate, JVC, Dubai Creek Harbour and Dubai South have driven the volume of sales in Dubai so far this year. This suggests that as new homes are getting handed over, there is significant activity in the secondary market.