In H2 2020, the Dubai residential sector had a few record breaking months and this trend continued into January 2021, where we saw the secondary/ready market with the highest number of transactions in a single month over the past years. February was no different, according to Data from Dubai Land Department , February 2021 had 3,787 sales transactions worth AED 7.43 billion, 13.8 percent more than January 2021 in terms of volume and 8.9 percent more in terms of value. This brings the year to February total to 7,114 sales transactions worth AED 14.2 billion.
Additional trends that we saw starting 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 percent of overall transactions were for secondary/ready properties and 33 percent 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 AED 1.8 billion and the secondary market transacted 4,114 properties worth a total of AED 15.3 billion. Comparing this to January 2021, the number of off-plan transactions in February increased by 39.9% .
According to Data Finder the real estate insights and data platform under the Property Finder group, In the villas/townhouses sector, 10.3 percent of all sales in February 2021 took place in Naad al Sheeba, followed by Dubai Hills Estate (8.3 percent), Green Community (8 percent), Arabian Ranches (4.7 percent) and Dubailand (4 percent). Looking at apartments, 14.9 percent of all sales transactions took place in Business Bay followed by Dubai Marina(9 percent), Jumeirah Village Circle (8 percent), Downtown Dubai (6.5 percent) and Palm Jumeirah (6.2 percent).
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.
