Purchasers snapping up ready-to-occupy flats and villas have driven Dubai’s property deals to their most elevated level in six years, most recent information suggested.
Data Finder, the real estate insights and data platform under the Property Finder Group, has detailed that in March 2021 the market witnessed 10.93 billion dirhams ($2.9 billion) cost of properties sold across 4,643 transactions, the most elevated in a single month since June 2015.
Finished units represented 63% of the transactions, or 2,930 properties, worth a sum of 8.02 billion dirhams. Off-plan deals represented 1,713 properties, esteemed at an aggregate of 2.91 billion dirhams.
“People, end-users and investors alike, are once again heavily investing in the future of Dubai,” said Lynnette Abad Sacchetto, director of research and data at Property Finder.
Demand for properties, generally finished units, in Dubai has been solid since COVID-19 limitations began to ease a year ago. A large part of the interest is driven by low-value focuses and attractive interest rates.
“Since [the second half] of 2020, we have seen records broken in certain segments of the real estate sector, and in March 2021, we saw bigger records broken,” Data Finder said.
As indicated by Sacchetto, demand for off-plan units has additionally been rising, with the number of transactions posting a 30 percent rise for as far back as two months.
“[This is] showing a huge growth in investor sentiment and positive market outlook,” she said.
“We have seen developers launch new phases within their existing projects, especially in the villa/townhouse segment, which have sold out within hours.”
In total, the initial three months of 2021 had 11,757 transactions worth 25.15 billion UAE dirhams, up by six percent when contrasted with the past quarter.
Secondary properties likewise enlisted a 16 percent increase quarter-on-quarter, yet off-plan units actually posted a seven percent decay.
Also popular among secondary home purchasers are Tilal Al Ghaf, Dubai Hills Estate, and Nad Al Sheba, which represented 10.1 percent, 9.9 percent, and 8.2 percent of the arrangements, individually.
Among the apartment purchasers, the most well-known area is Business Bay, representing 10.7 percent of the total deals, followed by Dubai Marina (9.3 percent), Jumeirah Village Circle (8%), Jumeirah Lakes Towers (7.6 percent), and Palm Jumeirah (7.2 percent).