Dubai property sales climbed 18% from September to AED 34.8 billion in October as resales picked up, even as the total value of mortgages registered during the month fell sharply.
Dubai Land Department (DLD) records analyzed by Property Finder, as reported by Gulf News, showed 11,883 sales, up 5% after two straight monthly declines. Sales remained below levels recorded earlier this year, according to the analysis.
Resale transactions rose 13% to 5,304, generating AED 18.1 billion, compared with AED 15.8 billion in September. The primary market recorded 6,579 sales, little changed in number, but their value climbed to AED 16.7 billion from AED 13.6 billion.
Residential sales accounted for 11,294 transactions, up 6%, and AED 30.2 billion in value, an 18% increase. Commercial deals fell 4% in number to 589, though their value rose 22% to AED 4.5 billion.
Earlier in the year, a separate study found Dubai’s residential sales value was 16% lower in the first half than a year earlier. That year-over-year comparison covers a different period from the monthly October figures.
Mortgage registrations rose 5.2% to 3,811 in October, the third consecutive monthly increase, while their combined value fell 24.7% to AED 7.32 billion. The average apartment mortgage was AED 1.77 million, down from AED 2.67 million in September.
Mortgages were involved in 34.7% of apartment purchases, up from 31% in September and 26.7% in August. Property Finder Chief Revenue Officer Cherif Sleiman said the rise in registrations alongside smaller loans pointed to broader buyer participation.
On Mortgage Finder, applicants earning AED 20,000 to AED 59,999 a month made up 68.5% of mortgage applications, against 55.7% in September. Tenants represented 73% of inquiries on Property Finder in October, versus 58% in February.
Asking rents rose again in October after hitting their annual low in August, while listed sale prices were unchanged. Buyer inquiries made up 27% of Property Finder’s total, compared with 24% in September.
