Property Monitor, a real estate research and data platform, revealed that the Dubai real estate market recorded its highest levels in July in terms of sales volume and real estate loans, noting that off-plan sales topped sales in the emirate with no indications of a slowdown in the future.
The platform stated in a recent report, a copy of which was obtained by “Emirates Today”, that the total volume of sales transactions on the map witnessed an increase of 12.8% in July on an annual basis, reaching 16,113 thousand transactions, noting 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 thousand transactions).
Property Monitor expected in its report that the market will continue on its upward path until the end of the year, with moderate price growth and high transaction volume.
It also expected the gap between off-plan and completed property sales to widen, partly due to a strong off-plan pipeline and the availability of reasonably priced supply.
As for mortgages, the report stated that mortgage transaction volumes increased by 20.2% in July on a monthly basis, with a total of 4,033 transactions, explaining that loans taken to purchase new properties constituted 53% of total borrowing activity, while refinancing and equity issuance loans witnessed an increase in their market share by 4.3% to 33.8%.
The remaining 13.2% of total borrowing activity was for large mortgages.
The report stated that preliminary figures for July show that about 9,000 residential units are under construction in the Dubai market, contributing to a total of about 68,000 units in more than 220 projects during the current year.
20.2% increase in mortgage transactions last month, with a total of 4,033 transactions.
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