Property Monitor, a real estate data and research platform, revealed that Dubai’s real estate market recorded its highest levels in July, in terms of sales volume and mortgage loans, indicating that off-plan sales topped the emirate’s sales with no signs of slowing down in the future.
The total volume of off-plan sales transactions saw a 12.8% increase year-on-year in July, reaching 16,113 transactions, indicating that this represents the highest volume ever for the month of July.
According to the report, residential transactions, which include apartments, houses, and villas, accounted for most of the sales at 93.4% (15,046 transactions).
Property Monitor expects in its report that the market will continue its upward trajectory until the end of the year, with moderate price growth and high transaction volumes.
It also anticipates that the gap between off-plan property sales and completed property sales will widen, partly due to a strong offering of planned projects and the availability of reasonably priced inventory.
Regarding mortgages, the report noted that mortgage transaction volumes increased by 20.2% in July month-over-month, totaling 4,033 transactions, explaining that loans taken to purchase new properties constituted 53% of the total borrowing activity, while refinancing and equity release loans saw an increase in their market share by 4.3% to 33.8%.
The remaining 13.2% of the total borrowing activity was for large real estate loans.
The report states that preliminary figures for July show the launch of about 9,000 residential units under construction in Dubai’s market, contributing to a total of about 68,000 units in more than 220 projects during the current year.
