Dubai's June 2020 property transaction numbers back at February levels

Top officials pin hopes that a recovery would assume a 'V-shape'

Dubai: Dubai’s land and property transactions in June shot back to levels recorded in February and early March, according to the Land Department. These numbers raise hopes of a quick V-shaped recovery for the property market.

“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,” said Sultan Butti bin Mejren, Director-General. “This data that inspires hope in the hearts of the various parties.”

Top Land Department officials confirmed that coordination efforts are continuing with Dubai’s Higher Committee for Real Estate Planning to “understand the market situation and the needs and expectations of the various parties”.

"We have taken note of the diversification of offers to suit different segments and the provision of flexible payment plans to attract the most likely buyers," said Majida Ali Rashid, CEO of Real Estate Promotion and Investment Management Sector.