By: Property Monitor
Dubai property prices experienced what most would consider an unexpected uptick in April 2020, with prices increasing 0.49% from the previous month.Prices in April stood at AED 866 per sq ft, marginally higher than the AED 862 per sq ft recorded in March.
The reversal in the downward trend in our Dynamic Price Index value, and therefore prices, can be attributed to the disproportionate level of off plan transactions recorded—off plan accounted for 72.1% of transactions in April compared to only 27.9% for resale. Historically, this transaction split has averaged 55% off plan to 45% resale.
As anticipated, the volume of closed transactions in April was significantly lower than the previous month as mobility restrictions impacted financing and purchase decisions. A total of 1,825 transactions were recorded during the month, down 47% from March.
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