Key Highlights: –
- The UAE’s economy endured upon its revival path from the COVID-19 Pandemic, with the Dubai’s Property or Real Estate Marketplace witnessing a steady boom within the initial half of the year comparatively to as during the same time frame within 2020, as per the fresh statistics compiled from the Property Finder.
- It also stated out that the Secondary Real Estate Dealings Upsurged by around 44 percent from H12020, while off-plan dealings also witnessed out comparatively a tad slightest upsurge.
- Within the robust initial six months’ time frame from January to June 2021, the Upsurged Sales Dealings volumes accounted a cumulatively 27,373 dealings valued at approximately AED61.97 billion ($16.89bn), accounting thereby, a 40.2 percent overall upsurge in the volumes of dealings comparatively to the second quarter 2020 (H2 2020) as well as 55.87 percent upsurge in the overall worth of dealings.
As per the Property Finder statistics, the H1 2021’s, Dubai, UAE’s Real Estate dealings had 17,434 secondary/finished dealings valued at AED46.88Bn with around 9,939 off-strategy dealings, thus creating a 44 percent upsurge in the account of dealings within this category as well as 56.28 percent upsurge within the overall worth as comparatively to the second quarter (H2 2020) data displayed.
However, in the meanwhile, the Off-strategic dealings displayed out a somewhat minor upsurge comparatively for the preceding year with an upsurge of a 34.02 percent for the overall volume of dealings and an overall upsurge of 54.61 percent in the worth of the off-strategic dealings.
As per the statement by Director of Research & Data at Property Finder, Lynnette A Sacchetto, it stated out that, “54 percent more apartments were sold in H1 2021 compared to H2 2020 and 49 percent more villa/townhouses. The increase was in both segments, and the growth of the entire residential market by approximately 50 percent.”
Sacchetto also stated out that; “Property Finder mandate data also displays that sea-view, upgraded, furnished, payment plan and pool were the top keywords used by people searching for properties across Dubai in H1 2021. This clearly shows a desire for quality amenities as people now care more about how they live and spend their money.”
This rebound has been resounded by several real estate consultancies. Property values in Dubai within the second quarter of 2021 fast-tracked at their swiftest leap since the summer of 2014 with huge townhouses and villas far-sighted the sharpest rebound, according to the state-of-the-art research by Knight Frank.
Average transaction standards for both secondary/ready and off-strategic properties have also augmented, displaying an upsurge in the average budget per transaction. The average dealing budget for secondary/finished properties improved from AED2.48m in H2 2020 to AED2.69m in H1 2021.
The average deal budget for off-strategic properties improved from AED1.32m in H2 2020 to AED1.52m in H1 2021. This discloses an upsurge of 8.53 percent for secondary/finished properties and an upsurge of 15.36 percent for off-strategic real estate.
The top zones of dealings for villas/townhouses in H1 2021 were Mohammed bin Rashid City, Dubai Hills Estate, Dubai Land, Nadd al Sheba and the Green Community, as per Property Finder’s data.
As for apartments for the same time frame, the top areas of sales were Business Bay, Jumeirah Village Circle, Dubai Marina, Jumeirah Lakes Towers and Downtown Dubai. While average budgets remain 26.3 percent down on their preceding highs, certain buyer groups have worn the market’s uneven performance, with certain nationalities appreciating noteworthy budget appreciation, the real estate consultancy stated.