Dubai is in the midst of a seller's market
Ready properties of high-quality finishes are in high demand:
â–ªï¸ We are seeing undersupply issues leading to property price increases and listings at 8:1 with much competition from buyers at the moment.
â–ªï¸ Buyers are signing on the dotted line a lot quicker than they previously would have through fear of missing out on a property they like.
â–ªï¸ Seeing multiple buyers for one property as there is little supply and hence creating urgency.
â–ªï¸ Encouraging sign for the Dubai property market and shows its maturity despite a global pandemic
â–ªï¸ A record-breaking revenue generation for January 2021 when compared to any other month in the companyâ€™s 13-year history.
â–ªï¸ The loan-to-value ratio and low-interest rates are a common denominator when it comes to buyers having the ability to step onto the property ladder.
â–ªï¸ First-time buyers make up 74 % of the business at the moment
Comparing with Examples
1. In 2019 a property could be worth Dh2.5 million with a down payment of 33 % at Dh800,000, but during the second half of 2020 and going into 2021. The same property could be purchased for Dh1.9 million with a down payment of 26 % at Dh400,000.
2. The average sales price has risen in a number of areas across the city:
â–ªï¸ For a Type 2M villa in the Springs, the sold price rose from Dh1.82 million in April 2020
â–ªï¸ Dh1.975 million in September 2020
â–ªï¸ Dh2.475 million in January 2021
â–ªï¸ For Victory Heights, a Type B villaâ€™s sold price in May 2020 was Dh4.1 million compared to Dh4.8 million in August 2020 and Dh5.1 in December 2020.