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



Leave a Comment

Leave a comment

Subscribe to fäm Properties

Subscribe to fäm Properties

Subscribe to stay up to date with the latest market news.

Featured Posts

  • Tenant’s Rights: Can a Landlord Increase Your Rent in Dubai?


    57k
  • The Hidden Cost of Buying a Property in Dubai


    55k
  • Title Deed Verification in Dubai: Ensuring Property Ownership Authenticity


    41k
  • Top 10 Best Places to Live in Dubai


    38k
  • Mega-Projects: These 11 Man-made Islands In Dubai Will Surely Blow Your Mind


    37k