As turbulent as the last few months have been, they have also gone a long way to demonstrating the sheer resilience of the demand for domestic property in Dubai.
As reported by Abu Dhabi newspaper The National and other media sources, the emirate’s official house price index actually went up by 0.54% in May on a month-on-month basis, in an illustration of the fast recovery the market is seeing after the easing of coronavirus restrictions.
What do the figures say?
The Dubai Land Department (DLD) released the numbers in question, which also show some 1,440 sales transactions were recorded during the month, worth Dh2.47bn.
The house price index value was 1.121 points in May, an uptick from the previous month’s 1.115, which should provide reason for cautious optimism among property owners in the locality considering services like Renovo’s home sanitization in Dubai.
The index for apartments even reached as high as 1.189 in May, a height not seen since April 2019. The equivalent figure for villas and townhouses, meanwhile, was 1.060, which is the highest recorded for this measure since November.
Of May’s recorded sales transactions, 66.5% were off-plan, while 33.5% were existing homes.
Looking ahead with confidence
Latifa Ibrahim Ahmed, director of the DLD’s Real Estate Studies & Research Department, said of the findings: “Currently, the Dubai residential real estate market is going through a V-shaped recovery and when analysing various indices for May 2020, we are seeing the same V-shaped pattern in the recovery.”
She added that the index reflected the attractiveness of the Dubai real estate sector, even amid the exceptional difficulties posed by the coronavirus crisis.
Indeed, despite the challenges the pandemic has brought, the May house price index was 12.1% higher than the figure for the base year 2012.
Be ready for whatever the coming months bring for your Dubai property
It is impossible, of course, to truly assess the extent of the threat that COVID-19 may continue to bring to you and your dealings with property in Dubai, whether you are a buyer, owner or investor.
With that in mind, it helps to be as prepared as possible – and by taking advantage of the Renovo team’s own in-depth expertise in home sanitization in Dubai, you can help to ensure exactly that.
Simply give our team a call now on +971 – (0)4 442 2986, or send us an email, and we’ll be able to discuss with you how our knowhow in cleaning, sanitization and so much more could give you invaluable extra peace of mind in the months and years ahead.