According to the real estate research and data platform Property Monitor, Dubai’s real estate market reached its highest levels in July regarding sales volume and mortgage loans. The platform noted that off-plan sales in Dubai led the transactions with no signs of slowing down in the future.
In its latest reportt, a copy of which was obtained by Emirates Today , Property Monitor Platform revealed that the total volume of off-plan sales in Dubai increased by 12.8% year-on-year in July, reaching 16,113 transactions. This represents the highest volume ever recorded for July.
The report also stated that residential transactions, including apartments, houses, and villas, accounted for most sales, representing 93.4% (15,046 transactions).
Property Monitor forecasted that the market will continue its upward trend until the end of the year, with moderate price growth and high transaction volumes. It also anticipated a widening gap between off-plan property sales and completed properties, partly due to a strong pipeline of planned projects and the availability of competitively priced inventory.
Regarding mortgages, the report noted that mortgage transaction volumes increased by 20.2% month-on-month in July, totaling 4,033 transactions. Mortgages taken for purchasing new properties comprised 53% of the total borrowing activity while refinancing and equity release loans saw a market share increase of 4.3% to 33.8%.
The remaining 13.2% of borrowing activity was attributed to large-scale mortgages.
The report also highlighted that preliminary figures for July show the launch of around 9,000 residential units under construction in the Dubai market, contributing to a total of about 68,000 units across more than 220 projects for the current year.
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