The real estate sector showed great signs of improvement in the first quarter of 2021. The trend was expected to continue through the second quarter. Now that the numbers have surfaced, it’s safe to say that the Dubai real estate market has surpassed all expectations.

The market has shown improvement both in terms of the number of sales transactions and property prices. More than 15, 596 properties were sold during Q2, 2021, with a collective value of approximately AED 37 billion. This marks a whopping 184% increase as compared to last year. When compared to Q1, it’s a 33.9% increase. Statistics reveal that the Dubai real estate sector witnessed a 3.8% growth in terms of property prices, which is certainly a promising sign for investors and sellers.

Here’s a comprehensive Dubai real estate report for Q2, 2021 by Zoom Property:

How Dubai Real Estate Fared in Q2, 2021?

The property market in Dubai showed excellent growth in all regards. Here’s a breakdown of the total number of transactions made in Dubai in the 2nd quarter:

Apartments

A total of 10,117 apartments worth AED 15.2 billion were sold during the 2nd quarter. This figure is 143.8% and 32.5% higher as compared to Q2, 2020 and Q1, 2021, respectively.  

Villas

The demand for bigger space witnessed a surge globally. This is quite evident from the number of transactions made for villas from April through June. As per statistics, property developers sold 2,284 villas worth AED 5.4 Billion. The transaction figure is 63.1% higher as per quarter-on-quarter basis and 275% when compared to Q2, 2020.

Commercial Properties

Commercial properties in Dubai also showed massive growth both in terms of sales and transactions figures. A total of 657 commercial properties valuing 663.6 million were sold, which marks an improvement of 29.8% in comparison to the last quarter. When compared to Q2, 2020, there’s a huge growth of 417.3%.

Plots

The Dubai real estate analysis shows that 2,538 plots were sold during the 2nd quarter. The combined worth of these plots is AED 15.6 billion. As per comparative analysis, the sales volume figure shows a YoY increase of 320.9% and QoQ growth of 20.9%.

Price Trends for Properties Sold in Q2, 2021

Based on the Dubai real estate analysis for Q2, 2021, it can be deduced that buyers prefer affordable properties. The fact that most transactions during the second quarter were made for affordable properties below 1 million clear back this statement.

The following chart shows the price trends for properties sold in Q2, 2021:

 

The number of transactions made in each category are:

  • Below 1 million: 5,938
  • Between 1 & 2 million: 4,805
  • Between 2 & 3 million: 2,182
  • Between 3 & 5 million: 1,591
  • Above 5 million: 1080

Off-Plan Vs Ready Properties

Off-plan properties continue to gain popularity among investors and end-users. The figures, although lower as compared to ready promises, have shown tremendous improvement on QoQ and YoY basis.

Statistics show that a total of 6.006k transactions were made for off-plan properties, while the sales volume of ready properties in the Dubai real estate market touched the figure of 7.052k. This means 54% of the total transactions were made for ready properties, while the rest (46%) were for off-plan properties.

Total sales value of off-plan properties and ready properties remained at 9.158 and 12.06 billion, respectively.

Key Performing Areas in Dubai Real Estate Market for Q2, 2021

Maintaining its reputation, Dubai Marina remained the top-performing area with 1543 transactions worth AED 4020 million in the property market. It was followed by JLT, Jumeirah Park and Jumeirah Islands that collectively had a sales transaction figure of 1196 valuing AED 1290.

The third spot with 1160 transactions is held by MBR City. The value for these transactions was recorded at AED 1.74 million. Dubai Hills Estate acquired the 4th spot in the second quarter with 1123 transactions worth AED 4100 million.

JVC is another area that has remained a popular choice to buy properties in Dubai. It recorded 946 transactions with a total value of AED 778 million.

 

5 Areas with Most Expensive Villas in Q2, 2021

As per Dubai real estate market report, the top 5 areas with the most expensive villas sold are:

  • Palm Jumeirah – AED 120 million
  • MBR City – AED 40 million
  • Jumeirah First – AED 13 million
  • Island 2 – AED 10 million
  • Dubai Marina – 6.1 million

5 Residential Projects with Most Expensive Apartments in Q2, 2021

These are the five most expensive apartments sold in Dubai during the second quarter of the current year:

  • Address Residences Sky View 2 (Downtown Dubai) – AED 330 million
  • BV RESIDENCES 3 (Island 2) – AED 42 million
  • W Residences Dubai – The Palm (Palm Jumeirah) – AED 28 million
  • ONE at Palm Jumeirah (Palm Jumeirah) – AED 28 million
  • The Royal Atlantis Resort & Residences (Palm Jumeirah) – AED 28 million

It’s evident from this list that Palm Jumeirah still ranks among the top areas to buy luxury apartments. This further cements its position as one of the most preferred communities in the entire emirate.

This concludes our in-depth Dubai real estate market report for the 2nd quarter of 2021. For more information, best property listings and key insights on the property market in the UAE, visit Zoom Property. You can now also download the Zoom Property app and conveniently access the most sought-after property listings all over the UAE.

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