Sales House Price Index - April 2021

April 2021‭ ‬had the highest total sales transaction value since March 2017‭ ‬in excess of AED10.98‭ ‬billion‭. ‬This is the highest value of property transactions in four years‭. ‬April 2021‭ ‬had 4,382‭ ‬transactions worth AED 10.98‭ ‬billion‭, ‬4.2‭ ‬percent more than March 2021‭ ‬in terms of volume and 0.6‭ ‬percent more in terms of value‭. ‬This brings the year to April total to 16,577‭ ‬transactions worth AED 36.12‭ ‬billion‭.‬

In April‭, ‬70‭ ‬percent of the total transactions were up to AED 2M‭, ‬while 23‭ ‬percent were between AED 2M to 5M‭, ‬four percent were‭ ‬between AED 5M to 10M and 3‭ ‬percent above AED 10M‭. ‬

Interestingly‭, ‬one of the major trends seen in April was in Mohammed bin Rashid City where we saw most transactions in a single‭ ‬community recorded‭. ‬Followed by Jumeirah Village Circle‭, ‬accounting for 5.8 percent of all transactions and Dubai Marina with 5.6 percent‭ ‬of all transactions‭. ‬In addition‭, ‬Business Bay‭, ‬which has dominated the top two spots for the most number of monthly sales in a‭ ‬community for the past year‭, ‬fell from 7.2‭ ‬percent of total transactions in a single month to 3.5‭ ‬percent‭. ‬Falling from number‭ ‬one on the ranking to number 10‭.‬

In April 2021‭, ‬60‭ ‬percent of sales transactions were for secondary/ready properties and 40‭ ‬percent were for off-plan properties‭.‬‭ ‬When we look at the volume of transactions‭, ‬the off-plan market transacted 1,934‭ ‬properties worth a total of AED 3.09‭ ‬billion and the secondary market transacted 2,898‭ ‬properties worth a total of AED 7.89‭ ‬billion‭. ‬Comparing this to March 2021‭, ‬the number‭ ‬of off-plan sales transactions in April increased by 12.9‭ ‬percent‭, ‬the highest in 14‭ ‬months and the secondary/ready property transactions decreased for the first time in 11‭ ‬months by 0.92‭ ‬percent‭. ‬

Since the start of the pandemic‭, ‬we have seen apartment prices decline‭. ‬This is partially due to more affordable housing coming‭ ‬into the market‭, ‬more supply of apartments completed and an increase in demand shifting to villa/townhouses‭.‬

In the villas/townhouses sector‭, ‬18.5‭ ‬percent of all sales in April 2021‭ ‬took place in Mohammed bin Rashid City‭, ‬followed by‭  ‬Dubailand‭ (‬10.3‭ ‬percent‭), ‬Dubai Hills Estate‭ (‬9.4‭ ‬percent‭), ‬Rukan‭ (‬5‭ ‬percent‭) ‬and Town Square(4.9‭ ‬percent‭). ‬Looking at apartments‭,‬‭ ‬8.5‭ ‬percent of all sales transactions took place in Dubai Marina followed by Jumeirah Village Circle‭ (‬8.4‭ ‬percent‭), ‬Jumeirah Lake Towers‭ (‬7.6‭ ‬percent‭), ‬DownTown Dubai‭ (‬7.3‭ ‬percent‭) ‬and Business Bay‭ (‬5.4‭ ‬percent‭) ‬according to data from Property Finder‭.‬

According to proprietary Property Finder demand data‭, ‬the top areas of interest in terms of searches for villas/townhouses in April 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.‬

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Sales House Price Index - April 2021 24 May, 2021 / 9 MB / PDF
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