The official Dubai house price index continues to communicate in full transparency how the real estate market is recovering in Dubai.
Following the lockdown that was enforced back in April because of the pandemic, a rise in sales was noticed in May with hints of a V-shaped recovery. While the entirety of Q2 was deeply affected by the crisis, by the end of it in May a noticeable change took place and has thankfully continued on in June.
Ending Q2 on a high note, June saw a rise in total real estate sale transactions by 64%. On average, there have been about 570 properties sold in Dubai every week. The monthly index in June 2020 is set at 1.113 with an index value of AED 1,066,791.
For the monthly index of apartment sales, it is recorded at 1.179, valued at AED 1,018,974. For villas and townhouses, the index is 1.040, valued at AED 1,628,315. Furthermore, a total of 5,605 sale transactions took place during Q2 with a value of AED 11.05 Billion.
For the first time ever since the lockdown took place the volume of sale transactions for the secondary market is higher than off-plan transactions as Q2 ended. Moreover, a 0.79% rise in the overall index for Q2 2020 was recorded in comparison to Q1 2020 with a value of AED 1.07 Million and 15.3% when comparing to the base year, Q1 2012.
This data paves the road for a fast recovery of the real estate market in Dubai. The transaction levels have already reached those of February and the beginning of March 2020.
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