While there are still a few days left of the month, July has already broken records of the highest amount of off-plan apartment transactions ever registered by Dubai Land Department.

Lynnette Abad, Partner and Head of Property Monitor said in a statement on the 27^th July, “There are still four days left in July, but as of today, we are showing 1,719 off-plan apartment transactions”. She stated that the top five areas recording the most off-plan transactions in numerical order are Business Bay, Downtown Burj Khalifa, Dubai South, Jumeirah Village Circle and Mohammad Bin Rashid City.

Of the area that recorded the most off-plan transaction, Business Bay, Property Moniter reported that the majority of apartment sales recorded were in the developments Aykon City by DAMAC, Bayz by Danube and One Business Bay by Omniyat.

The Dubai Land Department started sharing the data gathered by Oqood with the public in 2012. Oqood, meaning “contracts” in Arabic, is a bilingual off-plan property management system that monitors and regulates off-plan markets by providing e-services and enforcing standards. The Oqood portal was developed exclusively for developers to manage their off-plan projects and initial sales contracts registration.

Property Monitor is UAE’s unique real estate data platform offered by Royal Institution of Chartered Surveyors (RICS) accredited property professionals. Their data and analytics is aimed at increasing transparency for the agencies, developers, consultancies and banks by way of real- time data access and expert intelligence to make informed decisions, based on actual transactions, values and trends.

See also:

How to buy and rent property in the UAE

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