The Real Estate Market of Dubai saw the most noteworthy value of sales in April for more than four years, with transactions totaling over AED 10.97 Billion, as per the most recent figures from Property Finder.
The number of deals expanded month-on-month by 4.2 percent and 0.6 percent regarding esteem and carries the year-to-date total to 16,577 exchanges worth AED 36.12bn.
In April, 70 % of the absolute exchanges were up to AED 2 million, while 23 percent were between AED 2m to 5m, 4% were between AED 5m to 10m, and 3 percent above AED 10m.
One of the significant patterns found in April was in Mohammed bin Rashid City which saw the most transactions in a single community recorded. This was trailed by Jumeirah Village Circle, representing 5.8 percent, everything being equal, and Dubai Marina with 5.6 percent.
Furthermore, Business Bay, which has ruled the best two spots for the most number of month-to-month sales in a community for the past year, tumbled from 7.2 percent of complete transactions in a single month to 3.5 percent – falling from number one on the positioning to number 10.
“The dynamics in the residential real estate market in 2021 have been interesting thus far. In April alone, we have seen six villa transactions over AED50m, with one on the Palm recorded as the second highest villa transaction in 2021 worth AED105m.” as indicated by Lynnette Abad Sacchetto, director of research & data.
“When looking at the mortgage transaction data, we have seen that April, March, and January of 2021 had the highest number of monthly transactions since March 2010.”
In April 2021, 60 percent of all sales were for optional/prepared properties and 40 percent were for off-plan properties. The off-plan market executed 1,934 properties worth a sum of AED 3.09 bn and the optional market 2,898 properties worth AED 7.89 bn.
Contrasted with March, the quantity of off-plan exchanges a month ago rose by 12.9 percent, the most elevated in 14 months, and the secondary/ready property exchanges diminished without precedent for a very long time by 0.92 percent.
“In the past few months, we have seen the highest amount of off-plan transactions month-on-month since February 2020 as the off-plan sector seems to be picking up again. Developers are attracting foreign investors with attractive pricing schemes and capitalizing on the new visa regulations to attract foreign direct investment. ” as per Sacchetto.
In the villas/townhouses area, 18.5 percent of all deals in April 2021 occurred in Mohammed bin Rashid City, trailed by Dubailand (10.3 percent), Dubai Hills Estate (9.4 percent), Rukan (5%), and Town Square (4.9 percent).
As far as apartments, 8.5 percent of all sales transactions occurred in Dubai Marina followed by Jumeirah Village Circle (8.4 percent), Jumeirah Lake Towers (7.6 percent), Downtown Dubai (7.3 percent), and Business Bay (5.4 percent).
Source: Arabian Business
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