Results of the 1st half on the Dubai housing market
How did the Arab real estate market change in Q1 2021? What are the results? What are the best sales figures and the most popular areas in Dubai? The source https://www.axcapital.ae/ will answer these questions.
Property transactions have overcome a 10-year high
The latest analysis of the Dubai residential sector has demonstrated its recovery. The number of transactions has reached the highest level in the last ten years. It was a natural result of the previous quarters, during which the market steadily strengthened and showed record highs.
According to the Dubai Land Department report, the great success was an increase in the total value of real estate sold by 92% and an increase in the overall number of apartments sold by 70% compared to the same period in 2020. For comparison: this is 52% more than in 2019 before the coronavirus pandemic.
The main directions of development
Increase in the number of apartments sold
Over the past six months, the number of apartments sold has increased by 82%, and the total number of potential buyers has grown by 112%, which confirms the massive demand for Arab housing.
A 10-year high
In Q1 2021, there was the highest level of transactions in the Dubai real estate market in the last ten years. Low mortgage interest rates and interest in spacious apartments, provoked by long self-isolation due to the pandemic, helped to improve the mood in the residential sector.
This situation forced new investors to come to the real estate market, and old ones to return. Many of them sought to take advantage of improved capital growth prospects and high rental yields, which remain higher in Dubai than in most developed markets.
Stable demand for spacious housing
In Dubai communities, the cost per square meter of living space has risen for the first time in six years and, according to forecasts, will continue to grow. Villas and townhouses rose in price by 24%, while apartments only by 3%.
Changing customer preferences may explain this trend. During and after the pandemic, people needed more spacious rooms and a comfortable surrounding area.
Price trends in popular areas
Speaking about the transactions for villas and townhouses, in the first half of the year, real estate in Palm Jumeirah is the leader. The DIP, Town Square, JVT, and JVC districts have become popular in the housing market. Apartments were in high demand here.
Purchasing a property in Dubai
You can always find more options for apartments and villas in the Ax Capital online catalog. The portal presents various properties from reliable developers in well-known districts and residential areas of Dubai. If you want to consult on how to choose a property in the UAE, get in touch with a professional of the company.
Also Read Maxwell Drever on how affordable housing has become a common crisis in 2021
