Dubai Residential Sector Recorded 3,814 Transactions

Dubai Residential Sector Recorded 3,814 Transactions

▪️   Transactions in February were15.6 % more than the previous month in terms of volume & 10.2 % more in terms of value.
▪️   Dubai residential sector recorded 3,814 transactions worth Dh7.43 billion in February 2021.
▪️   Recorded the highest number of secondary/ready properties transacted in a single month since March 2014.
▪️   Total to 7,109 transactions worth Dh14.16 billion.
▪️   Consumers wanted to move into a property now and not wait for construction to be completed on an off-plan property. 
▪️   The trend upgrade to a larger property with more internal and external space.
▪️   Volume of transactions in secondary/ready properties was higher versus off-plan properties in H2 2020,. 
▪️   The trend 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.
▪️   Real estate sector has shown an unexpected level of resilience in the face of serious challenges created by the pandemic. 
▪️   The supply-demand imbalance is likely to worsen over the course of 2021, similar to last year. 
▪️   41,500 new residential units and 1.5 million sqft of office space are expected for handover in 2021 in Dubai.
▪️   68 % of all transactions were for secondary/ready properties and 32 % were for off-plan properties. 

Volume of Transactions
▪️   Off-plan market transacted 1,163 properties worth a total of Dh1.61 billion.
▪️   Secondary market transacted 2,650 properties worth a total of Dh5.82 billion. 
▪️   Number of off-plan transactions in February increased by 35.8 %.
▪️   Secondary/ready property transactions increased by 8.2 % compare to January 2021.
▪️   Developers launch new phases to existing projects which are under construction. 
▪️   New launches, especially in the villa/townhouse segment, proved to be very popular with investors.

Villas/Townhouses Sector Sales in February 2021 
▪️   10.3 % sales in February 2021 in Nad Al Sheba
▪️   Dubai Hills Estate (8.3 %)
▪️   Green Community (8.0 %)
▪️   Arabian Ranches (4.7 %) 
▪️   Dubailand (4.0 %)

Apartments Sale in February 2021 
▪️   14.9 % of all sales transactions took place in Business Bay
▪️   Followed by Dubai Marina (9.0 %)
▪️   Jumeirah Village Circle (8.0 %)
▪️   Downtown Dubai (6.5 %) 
▪️   Palm Jumeirah (6.2 %)

Top Areas of Interest for Villas/Townhouses
▪️   Dubai Hills Estate
▪️   Arabian Ranches
▪️   Palm Jumeirah
▪️   Mohamed bin Rashid City 
▪️   Damac Hills

Top Areas of Interest for Apartments
▪️   Dubai Marina
▪️   Downtown Dubai
▪️   Palm Jumeirah
▪️   Business Bay 
▪️   Jumeirah Village Circle