House sector spurs Dubai property sales surge to Dh61.97b in H1

Dubai - In H1 2021, the Dubai real estate market had 17,434 secondary/ready transactions worth Dh46.88 billion and 9,939 off-plan transactions worth Dh15.09 billion.

Dubai's property market recorded a 40 per cent jump in sales transactions during the first half of 2021, underscoring the vibrant recovery of the residential sector.

The first half witnessed a total of 27,373 transactions worth Dh61.97 billion, up 40.2 per cent in volume, and 55.87 per cent in value compared to H2 2020, Property Finder demand data shows.

In H1 2021, the Dubai real estate market had 17,434 secondary/ready transactions worth Dh46.88 billion and 9,939 off-plan transactions worth Dh15.09 billion. “When compared to H2 2020, secondary/ready transactions increased by 44 per cent and the value of secondary/ready transactions increased by 56.28 per cent. Off-plan transactions showed a slightly lesser increase when compared to the previous half year with an increase of 34.02 per cent for volume of transactions and an increase of 54.61 per cent in value of transactions,” realty portal Property Finder said in a report.

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 Dh 2.48 million in H2 2020 to Dh2.69 million in H1 2021. The average transaction price for off-plan properties increased from Dh1.32 million in H2 2020 to Dh1.52 million in H1 2021. This shows an increase of 8.53 per cent for secondary/ready properties and an increase of 15.36 per cent for off-plan properties.

Lynnette A. Sacchetto, director of Research & Data at Property Finder, said 54 per cent more apartments were sold in H1 2021 compared to H2 2020 and 49 per cent more villa/townhouses. “The increase was in both segments, and the growth of the entire residential market by approximately 50 per cent.”

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.

The 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,” said Sacchetto.

—issacjohn@khaleejtimes.com