Dubai’s realty market posts 3,787 transactions worth Dhs7.43 billion in Feb
The official sales price index of Dubai that was launched by Dubai Land Department (DLD) in cooperation with Property Finder, Dubai’s real estate market recorded 3,787 sales transactions worth Dhs7.43 billion in February 2021, 13.8 per cent increase over January’s data in terms of volume and 8.9 per cent more in terms of value. This brings the year’s total, up until end of February, to 7,114 sales transactions worth Dhs14.2 billion, according to the 12th edition of Mo’asher.
The index data, which is taken from the base year 2012, base month for the monthly index January 2012, and the base quarter for the quarterly index Q1 2012, shows that Dubai’s real estate market continues its upwards trend. After a slight dip in January, the index numbers are back on the rise.
Additional trends observed in H2 2020 were secondary/ready properties transacting higher, volume wise, than off-plan properties. This trend also continued into 2021, and the demand in the ready market continued to grow as February 2021 now holds the record for the most secondary/ready property sales transactions in a single month over the past three years, surpassing January’s numbers.
In February, 67 per cent of overall transactions were for secondary/ready properties, and 33 per cent were for off-plan properties. When we look at the volume of transactions, the off-plan market transacted 1,355 properties worth a total of Dhs1.8 billion, and the secondary market transacted 4,114 properties worth a total of Dhs15.3 billion. Comparing this to January 2021, the number of off-plan transactions in February increased by 39.9 per cent .
According to Data Finder, the real estate insights and data platform under the Property Finder Group, 10.3 per cent of all sales in the villas/townhouses sector in February 2021 took place in Nad al Sheba, followed by Dubai Hills Estate (8.3 per cent), Green Community (8 per cent), Arabian Ranches (4.7 per cent) and Dubailand (4 per cent). Looking at apartments, 14.9 per cent of all sales transactions took place in Business Bay followed by Dubai Marina (9 per cent), Jumeirah Village Circle (8 per cent), Downtown Dubai (6.5 per cent), and Palm Jumeirah (6.2 per cent).
According to Property Finder’s proprietary demand data, the top areas of interest in terms of searches for villas/townhouses in February 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohamed bin Rashid City, and Damac Hills. As for apartments for the same period, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle.
Overall, the monthly Index recorded 1.071 and an index price of Dhs1,004,652. Apartments’ monthly Index recorded 1.125 and an index price of Dhs944,982, while the monthly index of villas/townhouses recorded 0.924 and an index price of Dhs1,760,377.
It may be mentioned that the Dubai Land Department, founded in May 1960 to establish the most prominent real estate sector at regional and international levels provides outstanding services to all its customers and develops the necessary legislation to propel the real estate sector in Dubai by organising and promoting real estate investment, and spreading industry knowledge. DLD seeks regional and worldwide innovation in real estate with the aid of its active sectors that include Real Estate Registration and Services, Real Estate Promotion and Investment Management, and Corporate Support, as well as with the aid of its active organisations that include the Real Estate Regulatory Agency, the Dubai Real Estate Institute, and the Rental Dispute Centre.
DLD was formerly known in the 1950s as the Land Registry Department. It was the first entity to handle properties and ownership affairs until His Highness Sheikh Rashid Bin Saeed Al Maktoum, one of the Founding Fathers of the UAE and its Union rules, established the Land Affairs Commission, granting it the authority to document and audit certificates, and examine and map properties.
DLD falls under the Executive Council of Dubai’s umbrella, headed by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and strives to provide a range of real-estate-related services. The most prominent of these services are documenting of property sales and purchases, issuing real estate ownership, organizing and promoting investments, and spreading knowledge and culture pertaining to a well-trained and qualified national cadre in the real estate sector. The department strives to provide the best services to its clients and to facilitate customers’ transactions, a culture inspired by the competitive and productive vision set by the Emirates 2021 plan.
DLD seeks to achieve the objectives of Dubai Government’s strategy in the real estate sector, and improve land registration procedures according to latest international systems and practices in the real estate sector. This is aligned with a framework of strategic objectives to plan and develop an integrated strategy to enhance the real estate industry in Dubai.