Dubai Land Department launches second edition of its property index, setting 2012 as the base year. Image Credit: Gulf News Archive

Dubai: Property sales registrations in Dubai for the first quarter were up 16 per cent from a year ago, helped by a 40 per cent gain in February. But March saw a decline, as the COVID-19 got a grip on real estate activity, and which continued into April, according to official data.

In April, there were 1,808 transactions recorded, when the full lockdown was in place.

The Dubai Land Department has launched the second edition of Mo’asher, Dubai’s official sales price index. The base year has been set as 2012 for the yearly index tracking, and the base month for the monthly index is January of that year. The base quarter for a three-month tracker is Q1-2012.

“As reliance on the relevant monthly data - combined with data on the required real estate prices – increases, so would the importance of the indicator,” said Latifa Ibrahim Ahmed, Senior Director of Real Estate Studies & Research Department at the Land Department.

As per this data and indexing, Dubai had 40,517 sales transactions in 2019, a gain of 18 per cent on 2018.