Dubai Property Report - August 2021

In August 2021, the Dubai property sales volume increased by 136.5% v.s. last year and recorded over 5,768 transactions achieving a new all-time high for the month of August.

Remarkably, the sales value exceeded AED 14.9 B marking August as the best performing month in 2021 in terms of value as per the following breakdown:

• 3,701 (+124%) apartments for AED 6.3B
• 854 (+218.7%) villas for AED 1.9B
• 157 (+41.4%)  commercial for AED 206.3M
• 1,056 (+158.8%) plots for AED 6.6B

This performance is attributed mainly to the off-plan property sales value and volume which outperformed the ready-property for the first time in 2021.

Three new all-time high records, YTD.

The first eight months of 2021 witnessed three all-time high records:

• Total sales volume of over 37,000 transactions. (+84% vs. 2020).
• Luxury apartments with almost 500 apartments sold at over AED 6M (+178% vs. 2020).
• Mortgage transactions hit a new record high of over 13,500 (+ 77% vs. 2020 ).

The prices of the ready property market are what matters the most to investors because even when buying an off-plan, chances are that it will be sold once ready.  The median property prices in Dubai vs. August 2020

• Ready apartment at AED 1.1M  (+37.5% YoY) and (+21% vs. 2014)
• Ready villa at AED 2.5M (+40.8% YoY) and (+9.7% vs. 2014)
• Off-plan apartment at AED 1.1M (+60% YoY) and (+38% vs. 2014)
• Off-plan villa at AED 1.75M (+7.9% YoY) and (6.3% vs. 2014)

Property prices vary based on the size and area/project hence understanding the property prices per sqft gives a better idea

• Ready apartment at AED 986  (+16% YoY) and (-2.6% vs. 2014)
• Ready villa at AED 836 (+34.9% YoY) and (+17.4% vs. 2014)
• Off-plan villa at AED 884 (+22.9% YoY) and (+43.9% vs. 2014)
• Off-plan apartment at AED 1,665 (+34% YoY) and (+13.5% vs. 2014)

Most Expensive Properties

Top projects with the most expensive sold apartments

• AED 44 M IL Primo in Downtown Dubai
• AED 36 M ONE AT PALM JUMEIRAH in Palm Jumeirah
• AED 29 M AMNA TOWER in Business Bay
• AED 24 M W Residences Dubai - The Palm in Palm Jumeirah
• AED 21 M Address Fountain Views Residences - Tower 1 in Downtown Dubai

Top areas with the most expensive sold villas

• AED 34 M Palm Jumeirah
• AED 17 M MBR City.. ( Al Merkadh)
• AED 12 M Dubai Marina
• AED 6 M Dubai Hills Estates
• AED 5 M Motor City

This persistent upward trend in the Dubai property sales volume has resulted in prices increase which is expected to continue due to Expo, loan-to-mortgage and interest rate, loosening travel restrictions, introducing new visa rules, and the continuous government initiatives to make Dubai a better place to live and start new businesses.