The Dubai Real Estate Market Sales Transactions Grew by More Than 40 Percent in H1 2021
After record breaking month-on-month transactions and quarterly results for the Dubai property market, we took a look at the entir first six months of 2021. As expected, when comparing H1 2021 to H2 2020, the increase in numbers in the residential sector was acros th board.
High sales transaction volumes from January to June 2021 accounted for a great first half of 2021 with a total of 27,373 transactions worth AED 61.97 billion ( USD 16.89 billion). When comparing this to H2 2020, the volume of transactions increased by 40.2 percent and the value of transactions increased by 55.87 percent.
If we take a deeper dive into the data, in H1 2021 the Dubai real estate market had 17,434 secondary/ready transactions worth AED 46.88 billion and 9,939 off-plan transactions worth AED 15.09 billion. When compared to H2 2020, secondary/ready transactions increased by 44 percent and the value of secondary/ready transactions increased by 56.28 percent. Off-plan transactions showed a slightly lesser increase when compared to the previous half year with an increase of 34.02 percent for volume of transactions and an increase of 54.61 percent in value of transactions.
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 AED 2.48 million in H2 2020 to AED 2.69 million in H1 2021. The average transaction price for off-plan properties increased from AED 1.32 million in H2 2020 to AED 1.52 million in H1 2021. This shows an increase of 8.53 percent for secondary/ready properties and an increase of 15.36 percent for off-plan properties.
“54 percent more apartments were sold in H1 2021 compared to H2 2020 and 49 percent more villa/townhouses. The increase was in both segments, and the growth of the entire residential market by approximately 50 percent.” according to 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.
Property Finder demand data also shows that sea view, upgraded, furnished, payment plan and pool were the top keywords used by people searching for properties across Dubai in H1 2021. “This clearly shows a desire for quality amenities as people now care more about how they live and spend their money,” adds Sacchetto.