Dubai’s residential property market is going through a V-shaped recovery as per various analyzing indices for May 2020.
According to Latifa Ibrahim Ahmed, director of Real Estate Studies & Research Development at the Dubai Land Department (DLD), there is a V-shaped pattern in the recovery. The index was launched by DLD along with Property Finder which saw a 1.54% rise in the past 2 months.
With a month-on-month growth of 0.5%, the total value of sales transaction in Dubai’s residential sector reached Dh27.8 billion in the first five months of 2020. Despite the threats posed by the novel coronavirus pandemic, he said the index reflects the booming Dubai real estate market.
With the ease of National Sterilization Program during the lockdown, there was an improvement in the real estate market of Dubai with the trend likely to rise. The reason for the rise is said to be people looking out for outside personal spaces to the prospects of villas and townhouses. With a growth of 0.5% in the overall residential sales price index in May, there is an air of more positive growth in the coming months.