In the second quarter of 2021, the Dubai market transacted over 15,596 properties worth almost AED 37 billion and achieved a new all-time high for the second quarter in terms of sales volume. Between April and June, the property sales year-on-year increased by 184% and 33.9% QoQ in all major categories 10,117apartments, 2,284 villas, 657 commercial, and 2,538 plots.
The main factor contributing to the market’s second-quarter sales success was the ready-property and primarily in the villa sector where we have witnessed a global shift toward bigger spaces.
The off-plan market also started to pick up in the second quarter, selling more luxury properties ( higher than AED 8 million) than ever before in this period.
* This chart shows the number of off-plan properties sold at higher than AED 8 million.
The off-plan sales volume increased by 53.9% QoQ and 79.7% vs. Q2 2020 and the major categories hit the following figures:
- AED 5.36 billion worth of villas, AED 1.95 B (36.37%) off-plan and AED 3.41 B (63.63%) ready.
- AED 15.19 billion worth of apartments, AED 7.17 B (47.18%) off-plan and AED 8.03 B (52.82%) ready.
- AED 0.66 billion worth of commercials, AED 0.04 B (5.88%) off-plan and AED 0.62 B (94.12%) ready.
The most expensive apartments sold in 2021, Q2:
And for villas:
The performing off-plan property areas are:
- MBR City (Al Merkadh) - 1032 transactions
- Dubai Hills Estates - 629 transactions
- JLT, Jumeirah Park, Jumeirah Islands - 566 transactions
- Jumeirah Village Circle - 561 transactions
- Dubai Marina - 512 transactions
The performing ready property areas are:
- Dubai Marina - 1031 transactions
- JLT, Jumeirah Park, Jumeirah Islands - 630 transactions
- Business Bay - 592 transactions
- Al Hebiah Fourth - 550 transactions
- Dubai Hills Estates - 494 transactions
Even though over 10,000 units were delivered in the second quarter of 2021, we started seeing owners making a premium on their off-plan investment in some areas like BlueWaters, Madinat Jumeirah Living, and Port De La Mer.
Remarkably, this sales performance in Q2 was boosted by sales in June which hit a record-high for this warm month.
Definitely, this massive increase in the sales volume will be followed by a gradual increase in the prices.
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