Dubai’s real estate witnessed massive activity at the beginning of the year as secondary/ready properties transactions skyrocketed to nearly seven-year high and this positive trend will continue in the coming months, according to official and industry executives.
A total of 3,300 sales transactions worth Dh6.74 billion were registered in January 2021, a growth of 15.5 per cent in terms of transaction numbers and 37 per cent in terms of value compared to January 2020. The Dubai Land Department said in its 11th edition of Ma’asher that this was the highest number of secondary and ready properties transacted in a single month since March 2014.
Data showed that Dubai’s real estate market continued its upward trend, thanks to the proactive measures and incentive packages launched by the government to address the effects and consequences of the outbreak of Covid-19. These incentives will enhance customer trust and happiness in the sector by supporting the efforts made towards recovery and adapting to the new normal.
John Stevens, managing director of Asteco, said the slowdown in new project launches and the increased affordability of completed properties led to a rise in transaction volumes toward the end of 2020 and ultimately resulted in an increase in end-users and first-time buyers.
Around 11.5 per cent of all sales for villas/townhouses in January 2021 took place in Nad Al Sheba, followed by Dubai land (11.4 per cent), Meydan (7.5 per cent), Dubai Hills Estate (six per cent) and Tilal al Ghaf (4.8 per cent).
As far as apartments are concerned, 12.4 per cent of all sales transactions took place in Business Bay, followed by Dubai Marina (9.7 per cent), Jumeirah Village Circle (9.3 per cent), Downtown (5.6 per cent) and Palm Jumeirah (5.4 per cent).
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