Outstanding performance for The Dubai property market in September 2020 featuring over 3,843 transactions with an increase of 56.5% MoM. The total value of the sales transactions reached AED 8.9B. The breakdown of the transactions in September 2020 vs. September 2019 was as follows:
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2,339 (-14.3%) Apartments for AED 2.8B
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804 (+22%) Villas for AED 1.4B
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125 (+11.6%) Commercial for AED 149.4M
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575 (+62.4%) Plots for AED 4.6B
Median Prices
The prices on the ready property market are what matters most because even if you are going to buy off-plan property, chances are that once it is ready, you can sell. The median property prices in Dubai, in general, are shown below -
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Ready apartment at 740K AED (-7.5% MoM)
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Ready villa at AED at 1.5M AED (-13.7% MoM)
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Off-plan apartment at AED 1.1M (+44.2% MoM)
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Off-plan villa at AED 1.4M (-14.8% MoM)
Sales Value Proportions
Regarding apartments, 55% of the cash transactions fall within the below AED 1M category, and 34% in the range of AED 1-2M.
For villas, 88% of the cash transactions fall in the range of AED 1-2M and 5% in the range of AED 2-3M.
Off-plan vs. Ready Transactions
Off-plan sales grew high where the transactions of off-plan villas produced 63% vs. 37% for the ready. In terms of apartments, the off-plan transactions made up 55% vs. 45% for the ready apartment transactions.
Types of Property
The highest-grossing property type was the apartments at 61%, with Villas scaling at 21%, followed by Plots at 15% and the least grossing were Commercial properties at 3%.
Top Performing Areas
The top 5 performing areas for the off-plan apartments were:
| Area |
Volume |
| MBR City (Al Merkadh) |
195 |
| Dubai Creek Harbour |
122 |
| Business Bay |
122 |
| Jumeirah Village Circle (JVC) |
109 |
| Downtown Dubai |
90 |
For ready apartments, Dubai Marina came first with a transaction of 178 apartments. The top 5 performing areas for the ready apartments were:
| Area |
Volume |
| Dubai Marina |
178 |
| Jumeirah Village Circle (JVC) |
113 |
| Downtown Dubai |
95 |
| Town Square |
92 |
| Al Hebiah Fourth |
82 |
Regarding the off-plan villas, the top-performing areas were:
| Area |
Volume |
| Al Hebiah Fourth |
428 |
| Wadi Al Safa 5 |
71 |
| Dubai South |
45 |
| Town Square |
16 |
| Wadi Al Safa 7 |
11 |
For the ready villas, the top-performing areas were:
| Area |
Volume |
| Town Square |
34 |
| Al Thanayah Fourth |
24 |
| Mira |
23 |
| Wadi Al Safa 7 |
23 |
| Dubai Hills Estates |
22 |
And, finally, for the plots, the top-performing areas were:
| Area |
Volume |
| Nad Al Sheba Third |
84 |
| Mudon, Damac Hills |
51 |
| JLT, Jumeirah Park, Jumeirah Islands |
32 |
| Dubai Hills Estate |
32 |
| Jabal Ali First |
28 |
Most Expensive Properties
Top projects with the most expensive sold apartments
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AED 59M IL Primo in Downtown Dubai
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AED 35M Volante in Business Bay
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AED 19M Address Residences Sky View in Downtown Dubai
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AED 12M One at Palm Jumeirah in Palm Jumeirah
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AED 11M Opera Grand in Downtown Dubai
Top areas with the most expensive sold villas
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AED 19M World Islands
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AED 18M Palm Jumeirah
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AED 7M Island 2
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AED 6M MBR City
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AED 5M Dubai Hills Estate
We expect market conditions to start improving further by the beginning of 2021, providing flights are back to normal and project launches remain idle.
For more insights, visit:
https://propertytrends.ae/dubai-housing-market-September-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.