Highlights include:
- April 2021 had 4,832 transactions worth AED 10.97 billion
- Off-plan sales in April is the highest in 14 months
- 4.2 percent month-on-month increase in overall transactions
- 69% apartments and 31% villa/townhouses
- 60% secondary/ready and 40% off-plan
- More than a third of all villa/townhouse sales transactions took place in Mohammed bin Rashid City, Dubai Land and Dubai Hills Estate
- One in four apartments sold in Dubai during April 2021 were either in Dubai Marina, Downtown Dubai, Jumeirah Village Circle or Jumeirah Lakes Towers
Dubai: April 2021 had the highest total sales transaction value since March 2017 in excess of AED10.97 billion. This is the highest value of monthly property transactions in four years. April 2021 had 4.2 percent more than March 2021 in terms of volume and 0.6 percent more in terms of value. This brings the year to date total to 16,577 transactions worth AED 36.12 billion.
In April, 70 percent of the total transactions were up to AED 2 million, while 23 percent were between AED 2 million to 5 million, four percent were between AED 5 million to 10 million and 3 percent above AED 10 million.
Interestingly, one of the major trends seen in April was in Mohammed bin Rashid City where we saw most transactions in a single community recorded. Followed by Jumeirah Village Circle, accounting for 5.8% of all transactions and Dubai Marina with 5.6% of all transactions. In addition, Business Bay, which has dominated the top two spots for the most number of monthly sales in a community for the past year, fell from 7.2 percent of total transactions in a single month to 3.5 percent. Falling from number one on the ranking to number 10.
“The dynamics in the residential real estate market in 2021 have been interesting thus far. In April alone, we have seen six villa transactions over AED 50M, with one on the Palm recorded as the second highest villa transaction in 2021 worth AED 105M. When looking at the mortgage transaction data, we have seen that April, March and January of 2021 had the highest number of monthly transactions since March 2010” according to Lynnette Abad Sacchetto, Director of Research & Data
In April 2021, 60 percent of all transactions were for secondary/ready properties and 40 percent were for off-plan properties. When we look at the volume of transactions, the off-plan market transacted 1,934 properties worth a total of AED 3.09 billion and the secondary market transacted 2,898 properties worth a total of AED 7.89 billion. Comparing this to March 2021, the number of off-plan transactions in April increased by 12.9 percent, the highest in 14 months and the secondary/ready property transactions decreased for the first time in 11 months by 0.92 percent.
“In the past few months, we have seen the highest amount of off-plan transactions month-on-month since February 2020 as the off-plan sector seems to be picking up again. Developers are attracting foreign investors with attractive pricing schemes and capitalizing on the new visa regulations to attract foreign direct investment. ” according to Lynnette Abad Sacchetto, Director of Research & Data
In the villas/townhouses sector, 18.5 percent of all sales in April 2021 took place in Mohammed bin Rashid City, followed by Dubailand (10.3 percent), Dubai Hills Estate (9.4 percent), Rukan (5 percent) and Town Square(4.9 percent). Looking at apartments, 8.5 percent of all sales transactions took place in Dubai Marina followed by Jumeirah Village Circle (8.4 percent), Jumeirah Lake Towers (7.6 percent), DownTown Dubai (7.3 percent) and Business Bay (5.4 percent).
According to proprietary Property finder demand data, the top areas of interest in terms of searches for villas/townhouses in April 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohammed bin Rashid City and Damac Hills. As for apartments for the same period, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle.
© Press Release 2021
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