Dubai Property Report - May 2021

 
  • Dubai Property Report - May 2021


    May 2021, the Dubai property sales volume recorded over 4,427 transactions with a decrease of -8.9% MoM and increase by 214% compared to last year. The total value of the sales transactions exceeded AED 11.1B. The breakdown of the transactions in May 2020 vs. May 2021 is:

    • 2,962 (+156.5) apartments for AED 4.8 B
    • 527 (+332%) villas for AED 1.2B
    • 141 (+340.6%)  commercial for AED 166M
    • 797 (+697%) plots for AED 4.9B

    This outstanding improvement in the Dubai property market is not confined only when comparing with 2020 which had a lockdown period; property-trends.ae data shows that the first five months witnessed, in total, over 20,000 sales transactions (attributed mainly to ready property transactions) which is the highest since 2017. Moreover, the mortgage transactions and the villa's sales volume reached an all-time high. However, the off-plan apartments sector showed a consistent decrease since 2017.

    Property Prices

    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. May 2020

    • Ready apartment at AED 1.06M  (+21.4% YoY) and (+10.9% vs. 2014)
    • Ready villa at AED 2.05M (+14.7% YoY) and (-21% vs. 2014)
    • Off-plan apartment at AED 747K (-32.1% YoY) and (-19.6% vs. 2014)
    • Off-plan villa at AED 1.5M (+17.8% YoY) and (-11.6% 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 979  (+11.4% YoY) and (-4.5% vs. 2014)
    • Ready villa at AED 729 (+19% YoY) and (-12.6% vs. 2014)
    • Off-plan villa at AED 852 (+18.8% YoY) and (+33.7% vs. 2014)
    • Off-plan apartment at AED 1,083 (-32.8% YoY) and (-22.9% vs. 2014)

    Sales Value Proportions

    Regarding apartments, 53% of the cash transactions were below AED 1M; 28% in the range of AED 1-2M; 10% between AED 2-3M. Whereas 64% of the villa cash transactions fall in the range of AED 1-2M; 22% in the range of AED 2-3M; 9% between AED 3-5M.

    Off-plan vs. Ready Transactions

    52% of the apartment transactions were ready and 48% off-plan. For villas, 54% of the were ready and 46% off-plan.

    Top Performing Areas

    The top 5 performing areas for the off-plan apartments were:

    Area Volume
    Jumeirah Village Circle (JVC) 280
    JLT, Jumeirah Park, Jumeirah Islands 218
    Dubai Marina 161
    MBR City (Al Merkadh) 101
    Al Barsha South Third 93


    For ready apartments, Dubai Marina came first with 353 apartments.  The top 5 performing areas for the ready apartments were:

    Area Volume
    Dubai Marina 353
    Downtown Dubai 111
    Business Bay 101
    Jumeirah Village Circle (JVC) 86
    JLT, Jumeirah Park, Jumeirah Islands 79


    Regarding the off-plan villas, the top-performing areas were:

    Area Volume
    Wadi Al Safa 5 110
    Dubai Hills Estate 74
    Wadi Al Safa 7 24
    Dubai South 8
    Town Square 8


    For the ready villas, the top-performing areas were:

    Area Volume
    Town Square 47
    Emirates Living 37
    Dubai Hills Estates 34
    Mira 29
    Nad Al Shiba First 27


    And, finally, for the plots, the top-performing areas were:

    Area Volume
    Dubai Hills Estate 115
    Mudon, Damac Hills 106
    Al Hebiah Fourth 97
    Nad Al Shiba Third 46
    Me’Aisem First 40


    Most Expensive Properties

    Top projects with the most expensive sold apartments

    1. AED 330 M Hotel, Address Residences Sky View 2 in Downtown Dubai

    2. AED 28 M The Alef Residences in Palm Jumeirah

    3. AED 28 M ONE AT PALM JUMEIRAH in Palm Jumeirah

    4. AED 28 M THE ROYAL ATLANTIS RESORT & RESIDENCES in Palm Jumeirah

    5. AED 27 M VIDA RESIDENCE DOWNTOWN in Downtown Dubai

    Top areas with the most expensive sold villas

    1. AED 19 M MBR City.. ( Al Merkadh)

    2. AED 19 M Palm Jumeirah

    3. AED 13 M Jumeirah First

    4. AED 8 M Island 2

    5. AED 6 M Motor City




    287


Subscribe to fäm Properties

Subscribe to fäm Properties

Get your weekly Newsletter from fäm properties about the latest news in the industry

Submit Button

Leave a Comment

Buttons

Featured Posts

  • The Real Cost of Owning a Property in Dubai


    32k
  • Mega-Projects: These 11 Man-made Islands In Dubai Will Surely Blow Your Mind


    15k
  • Verifying the authenticity of your title deed


    12k
  • Tenant’s Rights- Can a Landlord Increase Your Rent in Dubai?


    11k
  • Looking for A Successful Career in Dubai Real Estate? Join fam Properties


    11k