Secondary Prime Residential Market - Doubled In Sales Volume
▪️ Dubai's prime residential property market is witnessing strong transaction volumes, especially the secondary market which doubled quarter-on-quarter that is, the total volume of transactions in the prime residential market stood at AED 7.4 Billion compared to AED 5 Billion in Q2 2020, an increase of 49 %.
▪️ The prices of prime residential market fell 10 % from AED 1,327 - AED 1,194 per sqft.
Top three areas in terms of sales volume
▪️ Palm Jumeirah (AED 1 Billion)
▪️ MBR City (AED 2.2 Billion)
▪️ Downtown Dubai (AED 1.2 Billion)
Residential properties with outstanding features spike in interest from end-users
The demand rise for townhouses and villas as they are more appealing to end-users, especially those properties with good outdoor spaces and swimming pools:
▪️ Palm Jumeirah
▪️ MBR City District 1
▪️ Arabian Ranches
▪️ Al Barari
▪️ Dubai Hills Estate
Banks are currently offering low fixed-rate mortgages as well as higher loan to value rates. This has triggered a flurry of first-time buyer purchases as buyers now see the long-term benefits of owning as opposed to renting.
Volume transactions Quarter-On-Quarter
▪️ The sale volume transactions reached AED 6 Billion in Q3 compared to AED 2.7 Billion in the previous quarter.
▪️ There also has been a price correction of 12%, from AED 1,169 per sqft in Q2 to AED 1,028 in Q3.
Property Sale Data
▪️ The number of apartments sold in the secondary market doubled quarter-on-quarter from 520 to 1,177.
▪️ The number of villas sold nearly doubled from 188 to 418.
▪️ The average price of an apartment in the secondary prime residential market is now AED 1.8 Million and a villa is AED 6 Million.