Downtown Dubai was the top performing community in the city both in terms of volume and value of total residential transactions registered in the first eight months of 2019, according to new research.
Statistics from Data Finder, a real estate insights and data platform under the Property Finder Group, showed that Downtown accounted for 2,034 transactions from January to August.
These were worth AED5.4 billion and included sales of apartments, villas, townhouses and land plots.
With several handovers underway, Dubai Hills Estate is also generating significant buyer interest and accounted for the second highest number and value of registered transactions, the data showed.
It accounted for 1,771 residential transactions which were collectively worth AED3.4 billion.
Jumeirah Village Circle (1,323 transactions), Business Bay (1,275) and Dubai Creek Harbour (1,214) also took a lion’s share of the transactions.
Other Dubai communities that accounted for a big chunk of transactions in terms of volume were Dubai Marina (1,096), Dubai South (1,089), International City (973), Jumeirah Lakes Towers (739) and Al Furjan (702).
The top 10 communities accounted for 51.7 percent of all residential transactions since the beginning of the year as Dubai clocked a total of 23,652 residential transactions .
“The newer areas have become quite popular with buyers. When looking at our proprietary demand data, we have seen Dubai Hills Estate and JVC climb up in the rankings over the last few months,” said Lynnette Abad, director of data and research, Property Finder.
Palm Jumeirah (AED2.5 billion), Dubai Creek Harbour (AED2.3 billion), Business Bay (AED1.8 billion), Dubai Marina (AED1.77 billion), Dubai Harbour (AED 1.6billion), Mohammed Bin Rashid City (AED1.3 billion), JVC (AED1.09 billion) and Dubai South (AED1.03 billion) rounded out the top 10 areas for transactions ranked by value.
These communities accounted for 53.3 percent of all transactions in terms of value since the beginning of the year when deals totalled AED41.8 billion. Of this, homes worth AED14.46 billion were registered in the summer months of June, July and August alone.