Outstanding performance for The Dubai property market in August 2020 featuring over 4,150 transactions with an increase of 8.9% MoM and 14.8% vs. Aug-2019, and the highest since 2017 for the same period. The total value of the sales transactions reached AED 16B. The breakdown of the transactions in August 2020 vs. August 2019 was as follows:
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2,561 (+6.4%) Apartments for AED 3.1B
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433 (+29.3%) Villas for AED 980.1M
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189 (+3.8%) Commercial for AED 469.6M
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990 (+39%) Plots for AED 11.4B
Median Prices
What matters the most is the prices in the ready property market because even if you are going to buy an off-plan property chances are that you will sell once it is ready. Below you find the median property prices in general in Dubai.
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Ready apartment at 811K AED (+0.3% MoM)
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Ready villa at AED at 1.7K AED (+4.7% MoM)
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Off-plan apartment at AED 718K (-11.8% MoM)
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Off-plan villa at AED 1.6M (+6.2% MoM)
Sales Value Proportions
Regarding apartments, 62% of the cash transactions fall within the below one million AED category, and 28% in the range of 1-2 million AED.
For Villas, 62% of the cash transactions are in the 1-2 million AED tier and 18% in the 2-3 million AED range.
Off-plan vs. Ready Transactions
Off-plan sales are still suffering where the off-plan villas transactions formed only 19% vs 81% for the ready. In terms of apartments, the off-plan transactions composed 27% for the off-plan vs.s 73% for the ready apartment transactions.
Top Performing Areas
The top 5 performing areas for the Off-plan Apartments were:
Area
|
Volume
|
| JVC |
116 |
| Business Bay |
71 |
| Dubai Marina |
55 |
| MBR City (Al Merkadh) |
50 |
| Palm Jumeirah |
49 |
For Ready Apartments, JVC came first with a transaction of 177 apartments in FIVE towers. The top 5 performing areas for the ready apartments were:
Area
|
Volume
|
| JVC |
240 |
| Town Square |
213 |
| Dubai Marina |
178 |
| Wadi Al Safa 3 |
148 |
| Jabel Ali First |
147 |
Regarding the Off-plan Villas, the top-performing areas were:
Area
|
Volume
|
| Wadi Al Safa 5 |
21 |
| Town Square |
16 |
| Dubai South |
13 |
| Wadi Al Safa 7 |
8 |
| Jumeirah First |
7 |
Ready Villas
Area
|
Volume
|
| Wadi Al Safa 7 |
50 |
| Town Square |
49 |
| Al Thanayah Fourth |
46 |
| Mira |
45 |
| Dubai Hills Estates |
40 |
And finally for Plots:
Area
|
Volume
|
| Nad Al Sheba Third |
145 |
| Jabel Ali First |
105 |
| Dubai Hills Estates |
53 |
| Oud Al Muteena First |
40 |
| Al Thanayah Fifth |
38 |
Most Expensive Properties
Top projects with the most expensive sold apartments
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AED 59 M IL Primo in Downtown Dubai
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AED 23 M ONE AT PALM JUMEIRAH in Palm Jumeirah
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AED 15 M Volante in Business Bay
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AED 15 M PALME COUTURE RESIDENCES in Palm Jumeirah
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AED 13 M SERENIA RESIDENCES BUILDING B in Palm Jumeirah
Top areas with the most expensive sold villas
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AED 22.8 M Palm Jumeirah
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AED 9.849 M Jumeirah First
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AED 6.528888 M Arabian Ranches 1
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AED 5.842374 M Motor City
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AED 3.7 M Wadi Al Safa
For more insights, visit:
https://property-trends.com/dubai-housing-market-August-2020
Notes
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The data source is the Dubai Land Department
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Some villa transactions are registered in the Dubai Land Department as plots.