|Dubai Property Market Update July 2021|
|There are so many factors to account for when evaluating the Dubai Property Market which has since become quite a lot harder to speculate due to the current global pandemic. Having said that a few beneficial, unexpected trends have appeared to the current climate.|
The slow down of off-plan releases has enabled Dubai to create a healthier secondary market for residents as opposed to the majority of purchases being made by Investors. A good example is the Villa/Townhouse market, in 2015 it was reported a handover of 16,000+ villas in the period 2019 – 2021, the concern was that there would not be time to grow the population fast enough to occupy but with the change of lifestyle and work-life being imposed due to restrictions, many turned to lease or buying villas.
Secondary sales for Villa/Townhouses saw a 61% increase in the number of transactions in Q1 2021 compared to Q1 2019 while apartment sales grew by 44% in the same period.
Due to increased supply, rent across Dubai has fallen, with the exception of villas and townhouses which have seen an increase in the past 6-8 months due to increased demand, in line with similar trends witnessed in sales of the secondary market.
Search Trends Residential Sales
Below is data for search behaviors by Buyers by area, number of rooms, and keywords used.
The last two rows show the most transacted areas across Q1 in 2019, 2020, and 2021.
Search Trends Residential Leasing
The table below shows the search behaviors of tenants. Buyers search the above area in parallel with Tenant searches for apartments with Dubai Marina top for the past 3 years showing investors are very much in tune with what tenants are looking for.
With no surprise, Emaar accounts for the majority of transactions amongst developers, consistently being recognized as the top seller of off-plan units. Emaar holds this position due not only to the location and quality of the build but also relevant to the large portfolio that the Developer holds.
Thank you for reading, if you have a property you are looking to buy, sell, lease, or have your properties managed please do not hesitate to contact me.
The Agent Dubai
Source: all data is collected by myself with the use of multiple tools and sources including Property Monitor and Data Finder.