Dubai’s secondary, or ready residential property market, continued its recovery path with February recording the highest number of transactions in a single month since 2014, following a solid performance in January and the second half of 2020.
The total number of property transactions year-to-date was 7,109 transactions, worth AED 14.16 billion, where February had 3,814 transactions worth AED 7.43 billion. This is up 15.6 percent from January 2021 in terms of volume and 10.2 percent more in terms of value, according to Data Finder, the real estate insights and data platform under the Property Finder group.
“During the pandemic, it was very clear in the search and demand data, which we analyse daily, that consumers wanted to move into a property now and not wait for construction to be completed on an off-plan property. This trend was very apparent with end-users who were looking to either purchase their first home in Dubai or upgrade to a larger property with more external and internal space,” said Lynnette Abad, director of Research & Data at Property Finder group.
In the villas or townhouses sector, 10.3 percent of all sales in February where in Naad al Sheeba, followed by Dubai Hills Estate (8.3 percent), Green Community (8 percent), Arabian Ranches (4.7 percent) and Dubailand (4 percent).
For apartments, 14.9 percent of all sales transactions took place in Business Bay followed by Dubai Marina (9 percent), Jumeirah Village Circle (8 percent), Downtown Dubai (6.5 percent) and Palm Jumeirah (6.2 percent).
Top areas of interest in terms of searches for villas or townhouses in February, according to proprietary Property finder demand data, were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohamed bin Rashid City and Damac Hills.
Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle were all top areas of interest for apartments during the same month.
In February, 68 percent of all transactions were for secondary/ready properties and 32 percent were for off-plan properties.
In terms of the volume of transactions, the off-plan market transacted 1,163 properties worth a total of AED 1.61 billion and the secondary market transacted 2,650 properties worth a total of AED 5.82 billion. In comparison to January 2021, the number of off-plan transactions in February increased by 35.8 percent and the secondary/ready property transactions increased by 8.2 percent.
“Since restrictions have eased and as we moved into a new year, we started to see developers launch new phases to existing projects which are under construction. These new launches, especially in the villa/townhouse segment, proved to be very popular with investors over the last few months,” explained Abad.
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