Dubai: Real estate industry continues to build propulsion
The recent media reports said that the real estate sector in Dubai recorded 3,395 property sales transactions worth 6.93 billion in October. According to Dubai's official sales price index till date, around 27,815 transactions worth 57.43 billion has been recorded in Dubai and the sector recorded a 37.2 percent jump in the off-plan segment.
The director of the Dubai Land Department, Latifa Ibrahim Ahmed had conducted certain real estate studies, researches and designed the real estate index to give a comprehensive and transparent view of the market movement. She said that, â€œWe are extremely happy to issue this index every month and provide it to researchers and those interested in the real estate market.â€
The evolution of strong signs of recovery in the market and its return to normal paths across the various segments of real estate units, especially through the demand for luxury units, and the enrollment of sustainable growth month after month is one among the most essential inputs that can be obtained this month. The market will cross the New Year firmly, especially if we take into account the expanding momentum of arrangements for Dubai Expo.
Ready to move or 665 secondary in villas and townhouses were transferred in October, which is 7.2 % higher than the second-highest month, with 605 in September 2020. This figure is 34 % higher than the third-highest month ever with 496 transactions in July 2020, based on Property Finder's data. The highest number of transactions for villas and townhouses consistently, with each month being at an all-time high and the very next month which is a record broken. After May 2020, this consistent growth started which had 110 transactions and has since grown by over 500% in the past four months.
The price for villas and townhouses became more affordable over the years making it an extremely alluring option for real estate investors. Since the pandemic started, many started to spend more time in their homes.
Lynnette Abad View:
Lynnette Abad said that people also started to migrate away from densely populated city centers and towards the suburbs. All of this has led to all-time high transaction volumes in Dubai for villas or townhouses over the past few months.
The overall index in Dubai has remained stable at 1.092. The apartments, villas & townhouse index remained steady as well due to more affordable units coming into the ready market.
Ready-to-move -in villas/townhouses in October
The most popular areas for secondary or ready-to-move -in villas/townhouses in October:
Nad Al Sheba (11.8 %)Town Square
International City (6.7 %)Arabian Ranches
(6.4 %)Dubai Hills Estate
Sale Transactions Percentage
39 % of the transactions are for four-bedroom units
34.7 % for three-bedroom units
14.8 % for five-bedroom units.
Top five locations for consumers
The research trends show that the top five locations for consumers searching for villas/townhouses were:Dubai Hills Estates,
Arabian RanchesPalm Jumeirah
Damac HillsMohammed bin Rashid City
The index shows:
1,013 villas/townhouses were transferred in both the off plan and secondary market in October.
A total of 2,031 apartments were transferred with 1,128 in the secondary market and 903 in the off-plan market
Sale of 11 luxury apartments over three projects on Palm Jumeirah and Downtown worth over AED15 million each for a total of AED 220.7 million.
The most expensive apartment was sold for AED 30 million at Palm Jumeirah. All these units were north of 5,000 sqft and the largest touching 15,000 sq ft in The W residences worth AED 22.73 million.