In December 2020, Dubai saw 2,485 secondary and ready property transactions worth USD 1.6 billion that took the total value of the fourth quarter sales to over USD 5.99 billion.
Data Finder, the real estate insights and data platform under the Property Finder Group, said in its report on Sunday, that the strong sales in December were 9.7 percent higher than in November, which had already produced record-breaking results.
The last few months of 2020 were extremely successful for the secondary market with November and December both breaking the secondary/ready market transactions records for the past seven years.
Q4 2020 emerged as the strongest quarter in 2020 helping the year recover the most in terms of volume and value with 11,065 sales transactions worth USD 6 billion.
The weakest months historically for secondary sales were April and May 2020 because of the lockdown in Dubai. But as soon as the restrictions were eased, the secondary residential property sales started going up.
Overall number of transactions for the year 2020 stood at 35,434 deals worth USD 19.7 billion. 14,749 of them were for off-plan properties and 20,685 for secondary/ready properties, worth USD 5.5 billion and USD 14.2 billion, respectively.
It was proactive government initiatives, affordable housing prices as well as residents looking for larger spaces because they are spending so much time at home now, that caused the secondary/ready market to excel.
Considering the overall mortgages number for 2020, there were 12,978 transactions worth USD 23.7 billion in total. Virtually all of them were for secondary/ready properties.
The increased shift in ready property indicates that more and more people are now opting to buy a place to live in, rather than rent, the report pointed out.