Supply
Completed Supply to date 2020
Apartments – 21,746 – main areas Deira, Al Furjan, Business Bay, Nad Al Hamar
Villas/Townhouses – 4,719 – main areas Akoya, Arabian Ranches 2, Dubai Hills, Mudon
Upcoming Supply 2020
Apartments – 8,277 – main areas Business Bay, Sports City, JVC
Villas/Townhouses – 3,550 – main areas Akoya, Dubai Hills, MBRC
Sales
Q3 2019 v’s Q3 2020
Residential Sales Q3 2019
Volume – Apartments 2,659 – Villas/Townhouses – 978
Average Listing Price AED1,255 per sq ft
Transferred AED1,126 per sq ft
Residential Sales Q3 2020 –
Volume – Apartments 2,738 – Villas/Townhouses – 1,652 – 50% increase on 2019
Average Listing Price AED1,159 per sq ft –8% YOY
Transferred AED964per sq ft -15.5% YOY
Transferred prices have seen a drop of 15.5% from 2019, this is for many reasons, apart from the obvious global economy, Dubai has seen its largest supply from Q4 2019 to date, more affordable priced developments in suburban areas.
Changes in the Sales Market from the beginning of 2020 to now:
May 2020 Apartments October 2020
Secondary Transactions 73 1,074 Transactions +93%
Secondary Market AED958,683 AED1,098,961 +14%
Total Sales AED69,983,846 AED1,180,283,661 +94%
Off Plan AED1,148,002 AED1,502,249 +23%
Total Sales AED191,716,371 AED1,164,243,138 +83%
Off Plan Transactions 167 775 +78%
May 2020 Villa/Townhouses October 2020
Secondary Transactions 32 730 +95%
Secondary Market AED3,104,997 AED3,329,470 +7%
Total Sales AED99,359,900. AED2,430,512,918. +95%
Off Plan AED3,386,580. AED1,591,067. -53%
Total Sales AED60,958,440. AED577,557,418 +89%
Off Plan Transactions 18 363 +95%
Leasing Demand
Listings = % properties being advertised for the month (share of market)
Searches = % of total searches for the month
Leads = % of tenants actual inquiries for the month
Keywords = tenants preferences
Result = based on listings v’s searches
Dubai Marina –November 2020
Listings – 12.7%
Searches – 11.7%
Leads – 12.1%
Top Keywords: Marina View, Chiller Free, New
Result – Over Supply
Dubai Hills
Listings – 1.6%
Searches – 2.5%
Leads – 2.4%
Top Keywords: Treo, Sidra, Brand New
Result: Under Supply – good conversion
Downtown
Listings – 9.6%
Searches – 7.3%
Leads – 8.8%
Top Keywords: Brand New, Furnished, Chiller Free
Result: Good Supply
Palm Jumeirah
Listings – 5.5%
Searches – 5.2%
Leads – 4.9%
Top Keywords: Sea View, Upgraded, Private pool
Result: Good Supply
Springs
Listings – 1.1%
Searches – 1.6%
Leads – 1.4%
Top Keywords: Upgraded, 4e Lake, 3E
Result: Under Supply
An ‘Over Supply’ of properties in an area can be for various reasons:
- Handover of new buildings
- Prices are too high for the current tenant’s requirements
- The area is less desirable for tenants on the market.
A ‘Good Supply’ means that supply is meeting the current demand while ‘Under Supply’ means there is more tenant demand than properties available.
Tenant Migration
Data gathered from tenant move in and move out requests. Most areas in September 2020 showed more tenants moving to in than moving out.
Palm Jumeirah +365 –average tenancy 453
Jumeriah Village Circle +1,276 – average tenancy 175 days
Downtown: +489 – average tenancy 335 days
Business Bay: +167 – average tenancy 280 days
Town Square: +287 – average tenancy 158 days
Arabian Ranches 1: -5 – average tenancy 555 days
Buyers Current Search Behaviour August – November 2020
Top searched areas in order
Dubai Marina, Palm Jumeirah, Downtown, Dubai Hills Estate, Arabian Ranches, JVC, Business Bay
By Bedrooms Apartments and Villa/Townhouses
21% 3/4 bedrooms, 12% 2 bedrooms, 8.4% 1 bedrooms, 2% Studios – 49% no selection
Top Searched Key Words
In order – upgraded, furnished, sea view, payment plan, pool, rented
Tenants Current Search Behaviour August – November 2020
Top searched areas in order
Dubai Marina, Downtown, Palm Jumeirah, JVC, Business Bay, JLT, Barsha, JBR, Dubai Hills Estate
By Bedrooms Apartments and Villa/Townhouses
17% 3/4 bedrooms, 16.5% 2 bedrooms, 15% 1 bedrooms, 6% Studios – 43% no selection
Top Searched Key Words
In order – Chiller Free, Brand New, Upgraded, New, Pool, Private Pool, Garden, Sea View, Balcony, Chiller Free–