The Dubai property market has seen its busiest month in eight years, as buyers continued to snap up villas and apartments in June, the latest data reveals.

A total of 6,388 deals worth DHR14.79 billion ($4 billion) were made in Dubai in June, the highest since December 2013, Property Finder said in a report on Tuesday.

Transactions for the month were up by 44 per cent compared to May in terms of volume and up 33.2 per cent in terms of value. 

Total deals for the second quarter of the year reached 15,638, with a combined value of DHR36.86 billion, bringing the year-to-date total to 27,373 transactions worth DHR61.97 billion.

Demand for homes in the United Arab Emirates has been rising since Covid-19 restrictions eased last year, as buyers take advantage of record-low pricing and interest rates, and favourable loan-to-value ratios. 

Buying activity, however, is still concentrated in the secondary market, representing 61.5 per cent of the property deals in June alone.

Off-plan property accounted for 38.5 per cent of the transactions. 

For apartment buyers, Meydan was the popular choice, representing 15 per cent of the sales, followed by Jumeirah Lakes Towers (9.3 per cent), Dubai Marina (eight per cent), Business Bay (6.8 per cent), Downtown Dubai (6.6 per cent), Mohammed Bin Rashid City (6.3 per cent), Jumeirah Village Circle (5.4 per cent), Palm Jumeirah (3.9 per cent), Jumeirah Beach (three per cent) and Dubai Harbour (three per cent).

News Source – https://www.breakingtravelnews.com/