Dubai real estate market sales transactions grew by more than 40% in H1 2021
63.7% of sales transactions were in the secondary/ready market and 36.3% in off-plan
Dubai: Dubai's property sales grew more than 40 per cent year on year in the first half of 2021 with 27,373 transactions worth Dh61.97 billion, according to data from Property Finder.
In the first half of 2021 the Dubai real estate market had 17,434 secondary/ready transactions worth Dh46.88 billion and 9,939 off-plan transactions worth Dh15.09 billion. When compared to H2 2020, secondary/ready transactions increased by 44 per cent and the value of secondary/ready transactions increased by 56.28 per cent.
Off-plan transactions showed a slightly lesser increase when compared to the previous half year with an increase of 34.02 per cent for volume of transactions and an increase of 54.61 per cent in value of transactions.
Revival of secondary market
Average transaction values for both secondary/ready and off-plan properties have also increased, showing an increase in the average price per transaction. The average transaction price for secondary/ready properties increased from Dh2.48 million in H2 2020 to Dh2.69 million in H1 2021.
The average transaction price for off-plan properties increased from Dh1.32 million in H2 2020 to Dh1.52 million in H1 2021. This shows an increase of 8.53 per cent for secondary/ready properties and an increase of 15.36 per cent for off-plan properties.
“54 per cent more apartments were sold in H1 2021 compared to H2 2020 and 49 per cent more villa/townhouses. The increase was in both segments, and the growth of the entire residential market by approximately 50 per cent.” said Lynnette A Sacchetto, Director of Research & Data.
According to proprietary Property Finder demand data, the top areas of transactions for villas/townhouses in H1 2021 were Mohammed bin Rashid City, Dubai Hills Estate, Dubai Land, Nadd al Sheba and the Green Community. As for apartments for the same period, the top areas of sales were Business Bay, Jumeirah Village Circle, Dubai Marina, Jumeirah Lakes Towers and Downtown Dubai.