Dubai: Dubai’s property sales grew more than 40% year on year in the initial six months of 2021 with 27,373 transactions worth Dh61.97 billion, as per the information from Property Finder.
In the first six months of 2021, the Dubai real estate market had 17,434 secondary/ready transactions worth Dh46.88 billion and 9,939 off-plan deals worth Dh15.09 billion. When compared to the second half of 2020, secondary/ready transactions grew by 44% and the value of secondary/ready transactions grew by 56.28%.
Off-plan transactions showed a slightly lower rise when compared to the previous H2 with a rise of 34.02% for the volume of transactions and a rise of 54.61% in value of transactions.
Restoration of the secondary market:
Average transaction values for both secondary/ready and off-plan properties have also expanded, showing an expansion in the average price per transaction. The average transaction cost for secondary/ready properties raised from Dh2.48 million in H2 2020 to Dh2.69 million in H1 2021.
The average transaction cost for off-plan properties grew from Dh1.32 million in H2 2020 to Dh1.52 million in H1 2021. This shows an increment of 8.53% for secondary/ready properties and an increment of 15.36% 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,” 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.