Stock Emaar properties Dubai
Some of Dubai's developers are pulling in substantial sales, with Emaar netting Dh10b plus in first five months and Nakheel recording strong gains with its premium villas at Nad Al Sheba. Image Credit: Clint Egbert/Gulf News

Dubai: The month-on-month gains are once again showing up in Dubai’s property market, with June’s Dh14.79 billion total being the best since December 2013. Not just investors, more residents are scrambling into the market thinking that property values have dropped to their lowest possible level and any more delay in buying could prove costly.

In all, the April to end June period delivered Dh36.96 billion in sales and a substantial 33.26 per cent over the first quarter, according to figures from Property Finder, the listings portal. It was during the first three months of this year that the Dubai real estate sector first saw signs of sustained demand.

According to Property Finder, the COVID-19 created situation is actually working in favour of the property market, by being a “growth accelerator”. “Month-on-month increases and record breaking months for sales transactions; high investment demand from residents and foreign investment; and property prices increasing across prime communities - it has been a dynamic market to say the least.” said Lynnette Sacchetto, Director of Research and Data at Property Finder.

Spending by nationality
The flights from India remain disrupted - but Indian nationals and NRIs still spent Dh6 billion in buying property in Dubai during the first five months. They were followed by UK passport holders, who spent a collective Dh2.9 billion, and the Chinese, with Dh1.4 billion.

French and Pakistani nationals spent more than Dh1 billion apiece as Dubai's real estate market showed the best set of numbers since 2013-14.

In the first months, there have been 27,373 transactions worth Dh61.97 billion. In comparison, all of 2020 had 35,041 deals worth Dh71.87 billion. This puts the market up nicely to head past the Dh100 billion in deals mark for 2021.

Secondary market sales remain as robust as ever... and showing price gains too. According to Sacchetto, “Compared to Q1-2021, the average secondary transaction value increased by 17.28 per cent and the average offplan transaction value by 0.83 percent. Following on from the rest of the year’s trends, Q2-2021 outperformed previous quarters and we will most likely see this trend continue until the end of year and into 2022.”

Top locations
The fast developing Meydan community and the JLT and Dubai Marina locations were the Top 3 investor hotspots searching for apartments in June, with Meydan accounting for 15 per cent of sales.

When it comes to villas or townhouses, the Green Community and MBR City took the honours as investors' top choices, and together accounted for nearly 30 per cent of all such sales during the month.