Villa sales more than triple in Dubai

Dubai registered 2,231 sales of completed villas and townhouses during the first quarter of the year, as buyers looked for bigger properties during the pandemic, a report showed.

That is more than triple the 673 units sold during the same period a year ago, according to listings portal Property Finder.

“As of first quarter of 2021, one in every three residential secondary properties sold in Dubai was a villa/townhouse,” the report said.

Areas including Dubai Hills Estate, The Palm Jumeirah, Arabian Ranches, Damac Hills and Jumeirah Village Circle registered higher sales of ready villas and townhouses, Property Finder said.

Sales of ready villas and town houses in Dubai jumped more than three-fold in the first quarter as residents sought more spacious homes amid the coronavirus pandemic, according to a report by listings portal Property Finder.

The report said 2,231 ready villas and town houses were sold during the first quarter, compared to 673 units during the same period a year ago.

Areas such as Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills and Jumeirah Village Circle registered higher sales of ready villas or town houses.

“In the first quarter of 2021, the transaction numbers were higher than ever, and we have seen record-breaking monthon-month sales for ready properties, with the villa or townhouse segment leading the way,” the report said.

“In fact, as of [the] first quarter of 2021, one in every three residential secondary properties sold in Dubai was a villa or town house.”

Dubai Hills Estate recorded 203 transactions involving villas, an increase of 145 per cent from a year ago, while Palm Jumeirah transactions were up more than four-fold to 65.

In Arabian Ranches, more than 100 villas were sold during the period, according to the report.

Damac Hills, Jumeirah Village Circle, The Springs, Jumeirah Golf Estates, The Meadows and Dubailand also recorded higher sales. Town Square recorded 99 secondary villa or townhouse transactions in the first quarter, compared to 11 during the same period last year.

Nad Al Sheba registered 248 sales transactions during the first quarter, from zero last year, as new properties were handed over to buyers, according to the report.

Ready apartment sales also rose by 40 per cent during the period.

“Over the past year, we ... have seen significant demand in the data and trends of the villa or townhouse sector,” said Lynnette Abad Sacchetto, director of research and data at Property Finder.

“We have seen the search trends increase on the website, which transpired into sales transactions over the months in 2020. This trend has continued into 2021 and we do not [expect] it to stop anytime soon.”

Developers are also “jumping on to the bandwagon and adding new villa or townhouse phases into existing projects”, which are sold out hours after hitting the market, she said.

Property prices in the UAE are expected to stabilise this year as the economy recovers from the coronavirus pandemic-induced slowdown and government initiatives spur growth, according to analysts.

New programmes such as retiree visas and the expansion of the 10-year golden visa initiative to attract foreign professionals to settle in the UAE are also expected to support the local property market.

The UAE’s move to reform its commercial companies’ law, annulling the requirement for onshore companies to have an Emirati shareholder, is also expected to boost foreign direct investment in the country.