Dubai property sales reach four-year high in April
The value of Dubai’s property sales transactions in April hit a four-year high of Dh10.97 billion, according to listings portal Property Finder. This is the highest value of monthly property transactions since March 2017.
Seventy per cent of transactions in April were valued up to Dh2 million, while 23 per cent were between Dh2m to Dh5m, 4 per cent were between Dh5m to Dh10m and 3 per cent more than Dh10m, Property Finder said on Thursday. Dubai has registered a total of 16,577 property transactions worth Dh36.12bn since the start of 2021, it added.
The UAE’s property market slowed because of oversupply and a three-year oil price shake-up that began in 2014. The coronavirus-induced economic slowdown further pressured the market in 2020.
However, new programmes such as visas for expatriate retirees and the expansion of the 10-year golden visa scheme to attract foreign professionals to settle in the Emirates are expected to support the real estate market.
“The dynamics in the residential real estate market in 2021 have been interesting thus far,” said Lynnette Abad Sacchetto, director of research and data at Property Finder.
“In April alone, we have seen six villa transactions [valued at] more than Dh50m, with one on the Palm Jumeirah recorded as the second-highest villa transaction in 2021 worth Dh105m.”
A report by real estate consultancy ValuStrat this week said Dubai registered the highest recorded number of home sales transactions in the first quarter of 2021 since 2010.
In April, 60 per cent of all real estate transactions in Dubai were for secondary/ready properties and 40 per cent were for off-plan properties, according to Property Finder.
In the Dubai off-plan market, 1,934 properties worth Dh3.09bn were sold in April, while 2,898 properties worth Dh7.89bn were sold in the secondary market.
Off-plan transactions in April increased 12.9 per cent compared with March, its highest rise in 14 months. However, secondary/ready property transactions edged down 0.92 per cent, marking the sector’s first drop in 11 months, Property Finder said.