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