In the H1 of 2021, the Dubai residential property market saw a staggering 40.2% increase in sales volume and a 55.87% increase in sales value compared to H2 of 2020. This came with the vibrant recovery of the residential sector.
According to Property Finder demand data, Dubai witnessed a total sales transaction of 27,373 worth Dhs61.97 billion in H1 2021, this is up 40.2% in volume, and 55.87% in value compared to H2 2020. In a further breakdown, the first half of 2021 saw the Dubai real estate market record 17,434 secondary/ready transactions worth Dh46.88 billion and 9,939 off-plan transactions worth Dh15.09 billion. That is a 44% increase in value and a 56.28% increase in transactions for secondary/ready properties when compared to H2 2020.
The report also showed an increase of 8.53% for secondary/ready properties and an increase of 15.36% for off-plan properties, with the average transaction price for secondary/ready properties increasing from dhs2.48 million in H2 2020 to dhs2.69 million in H1 2021, while the average transaction price for off-plan properties increased from dhs1.32 million in H2 2020 to dhs1.52 million in H1 2021.
Furthermore, when talking about the growth in H1 2021, Lynnette A. Sacchetto, the director of Research and data at Property Finder, said “The increase was in both segments and the growth of the entire residential market by approximately 50 percent.”
This growth trend ended the first half of 2021 of the Dubai real estate market with weeklong transactions worth Dh5.4b recorded. According to Dubai Land Department (DLD), a total of 1,617 real estate and property transactions valued at Dh5.4 billion were recorded during the week ending July 29, 2021.