Dubai property sales climbed 18 per cent to Dh34.8 billion in October, as transactions rose for the first time in three months, according to figures from the Dubai Land Department analysed by Property Finder.
The number of deals increased 5 per cent to 11,883, ending two straight months of decline and pointing to stronger buyer confidence across the market, according to Gulf News.
Key facts
- October sales value: Dh34.8 billion, up 18 per cent
- Transactions: 11,883, up 5 per cent, the first monthly rise after two months of decline
- Residential transactions: 11,294, up 6 per cent, worth Dh30.2 billion, up 18 per cent
- Resale transactions: 5,304, up 13 per cent, worth Dh18.1 billion, up from Dh15.8 billion in September
- Mortgages registered: 3,811, up 5.2 per cent, but total value down 24.7 per cent to Dh7.32 billion
Dubai property sales Dh34.8 billion led by resale and off-plan activity
Commercial property transactions fell 4 per cent to 589, yet their combined value rose 22 per cent to Dh4.5 billion, reflecting stronger activity in higher-value commercial deals.
Resale properties were a major driver of the month’s growth, with transactions climbing 13 per cent to 5,304, a 37 per cent increase from their May low.
Off-plan properties also kept attracting buyers. The number of primary market transactions stayed largely unchanged at 6,579, but their combined value rose to Dh16.7 billion from Dh13.6 billion in September.
The total transaction value of Dh34.8 billion nearly matched July’s Dh34.9 billion despite fewer deals, pointing to higher average transaction values.
More apartment buyers turn to mortgages
Mortgage registrations with the Dubai Land Department rose 5.2 per cent to 3,811, the third consecutive monthly increase, even as their total value fell 24.7 per cent to Dh7.32 billion, suggesting a shift toward smaller loans.
The average apartment mortgage dropped to Dh1.77 million from Dh2.67 million in September. At the same time, the share of apartment purchases involving mortgages rose to 34.7 per cent, compared with 31 per cent in September and 26.7 per cent in August.
Apartments now make up 85.8 per cent of all registered mortgages. Villa transactions also grew, reaching 1,037 sales, the highest level in four months.
For more on Dubai’s property market, visit TAI News real estate coverage.
