February 2021 - 16 percent Month-on-Month Increase in Overall Transactions as Dubai's Property Market Continues Upwards Trend
Highlights include:
- February 2021 had 3,814 transactions worth AED 7.43 billion
- February 2021 had the highest number of secondary/ready properties transacted in a single month since March 2014.
- 78% apartments and 22% villa/townhouses
- 69% secondary/ready and 31% off-plan
Dubai: The Dubai residential sector had a few record breaking months in H2 2020, and this trend continued into January 2021 where we saw the secondary/ready market with the highest number of transactions in a single month over the past seven years. February has been no different, according to Data Finder the real estate insights and data platform under the Property Finder group, February 2021 had 3,814 transactions worth AED 7.43 billion, 15.6 percent more than January 2021 in terms of volume and 10.2 percent more in terms of value. This brings the year to date total to 7,109 transactions worth AED 14.16 billion.
Additional trends that we saw starting in H2 2020 was secondary/ready properties transacting higher, volume wise, than off-plan properties. This trend also continued into 2021 and the confidence in the ready market continued to grow as February 2021 now holds the record for most secondary/ready properties in a single month over the past seven years, surpassing January’s numbers.
“During the pandemic it was very clear in the search and demand data, which we analyse daily, that consumers wanted to move into a property now and not wait for construction to be completed on an off-plan property. This trend was very apparent with end users who were looking to either purchase their first home in Dubai or upgrade to a larger property with more internal and external space ” according to Lynnette Abad, Director of Research & Data
In February, 68 percent of all transactions were for secondary/ready properties and 32 percent were for off-plan properties. When we look at the volume of transactions, the off-plan market transacted 1,163 properties worth a total of AED 1.61 billion and the secondary market transacted 2,650 properties worth a total of AED 5.82 billion. Comparing this to January 2021, the number of off-plan transactions in February increased by 35.8% and the secondary/ready property transactions increased by 8.2 percent.
“Since restrictions have eased and as we moved into a new year, we started to see developers launch new phases to existing projects which are under construction. These new launches, especially in the villa/townhouse segment, proved to be very popular with investors over the last few months” according to Lynnette Abad, Director of Research & Data
In the villas/townhouses sector, 10.3 percent of all sales in February 2021 took place in Naad al Sheeba, followed by Dubai Hills Estate (8.3 percent), Green Community (8 percent), Arabian Ranches (4.7 percent) and Dubailand (4 percent). Looking at apartments, 14.9 percent of all sales transactions took place in Business Bay followed by Dubai Marina(9 percent), Jumeirah Village Circle (8 percent), Downtown Dubai (6.5 percent) and Palm Jumeirah (6.2 percent).
According to proprietary Property finder demand data, the top areas of interest in terms of searches for villas/townhouses in February 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohamed 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.
About Property Finder – www.propertyfinder.ae
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.
A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced the acquisition of JRD Group, following an increased investment in Turkish portal Zingat.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.
For media enquiries, please contact
Faisal Zaidi
faisal@propertyfinder.ae
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
