The Dubai property market recorded its highest transaction volumes in the past year. The apartment and villa markets saw a total of around 74K transactions including mortgage transactions, with Ready Sales accounting for 68% of all transactions.
The lack of new supply in certain areas such as Palm Jumeirah and Downtown Dubai is contributing to the optimism in the Ready Sales market. Many investors and homeowners are taking advantage of the city’s affordable prices and gearing up for the expected rush of property investment following Expo 2020.
Despite the positive sentiment surrounding the Ready Sales market, investors are still cautious about the potential impact of the oversupply and the pandemic on the market.
During the Covid-19 pandemic, Off Plan properties were the most popular type of real estate investment for investors in Dubai. Off-Plan properties have recovered from their initial dip. The risk of restrictions on the construction and planning of real estate projects and the boost in demand have contributed to the growth of this sector. Over the course of 2021, Off Plan properties have gained a 31% value.
This represent a wider trend in the Dubai luxury real estate market, which is experiencing a steady growth. In Q1 of this year, the off-plan market record number of 8,631 transactions (124.2% vs. Q1 2021) which valued at over AED 16.1billion. In Q2, 10,971 transactions, valued at over AED 25.1 billion, were recorded.
