Dubai's real estate sales transactions grew by 64 per cent in June, with an average of around 570 properties sold every seven days, according to the emirate's official sales price index Mo’asher.

 

In Q2, the emirate's apartment index rose by 0.58%, while villa/townhouse index remained unchanged, stated the report compiled by Dubai Land Department, in cooperation with UAE real estate portal Property Finder. 

 

In June, the overall monthly index recorded 1.113 and an index value of AED 1,066,791. This is a decrease of 0.09% since the beginning of the year and a decrease of 0.7% month-on-month, it stated. 

The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.

 

According to DLD, a strong growth in June laid the foundation for a faster recovery, and it was seeing patterns of a V-shaped recovery, which is characterised by a rapid rise following a decline.

 

The monthly index scored 1.113 in June compared to 1.121 the previous month, with an index value of AED 1.06 million.

 

However, if we look at the quarterly index and compare Q1 and Q2, the index number has increased by 0.8% from 1.144 to 1.153 with an index value of AED 1,072,450, said a senior official.

 

"We are currently back to the transaction levels of February and early March 2020. In Q2 2020, Mo’asher showed a 0.79% rise compared to Q1 2020 and 15.3% compared to the base year Q1 2012," remarked Sultan Butti bin Mejren, Director General of DLD.

 

“The data that inspires hope in the hearts of the various parties confirms the facts that everyone has agreed on, most prominently the well-established rules on which the Dubai real estate market is based upon, which was consolidated by the strong infrastructure and transparent legislation that ensured the enhancement of confidence among investors across all levels," noted Bin Mejren. 

 

"We expect the market to grow in H2 2020 following the outbreak of the pandemic and for preparations made by the emirate for various activities to return to normal, making certain to apply precautionary measures that would depend on the public’s awareness. As per the same report, Mo’asher constitutes an important step that helps Dubai achieve further progress in this aspect, given the adoption of a single index that can be widely used by all market participants,” he added.-TradeArabia News Service