Overseas property investors helped Dubai real estate transactions hit an 11 year high in October, according to the latest figures released by the Dubai Land Department (DLD).
October saw real estate transactions in the Emirate almost reach 5000, totalling 4774 for the month. This represents the highest number since 2008.
Dubai also registered 2,841 overall off-plan transactions last month, the second highest since September 2015 which recorded 3,258 deals.
Dubai Creek Harbour recorded the most Dubai real estate transactions in October 2019, according to a report released by real estate portal Property Finder, at 438 deals, while Business Bay was at 351 transactions.
Meanwhile, Dubai South recorded 329 transactions, Villanova- a residential community by Dubai properties saw 221 transactions, and International City followed closely at 221 deals.
The report further stated that there was more demand for apartments over villas and town houses, with popular areas for apartments being Business Bay, Downtown Dubai, Al Khail Heights and International City. For off plan, the top picks for buyers were Dubai Creek Harbour, Dubai South, Business Bay, Villanova, and Jumeirah.
Additionally, 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 Dubai real estate transactions were Mudon with 56 transactions, followed by Dubai Hills Estate and Akoya Oxygen.
Lynette Abad, director of data and research at Property Finder, said: ‘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: ‘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 per cent cap on real estate lending for banks.’