In 7 months, the value of real estate sales transactions has passed 2020 tiers in Dubai. Dubai’s transactions alone amounted to Dh11.18 billion in July, making it the most profitable July on record within the past 12 years. This brings the year’s closing to overall 31,757 sales transactions worth Dh73.15 billion. In only 7 months, the price of actual estate income transactions has surpassed 2020 as a whole. Prior to this year, the real property market had 35,401 sales that were worth Dh71.87 billion.
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Overall Average of Transaction Values
Overall common transaction price improved to Dh 2.50 Million in July, an increase of 10.14 percent when compared to June. Secondary/equipped common transaction fee increased to Dh2.97 million, a growth of 4.62 percent and an average transaction value increased to Dh1.92 million, a whopping increase of 33.13 percent.
Property Picks
The top areas of interest while concluding transactions for villas/townhouses in July were the Dubai hills estate, Arabian ranches, Palm Jumeirah, and Mohamed bin Rashid city. As for apartments, the top areas of hobby had been Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah village circle.
Apartment Market
The newest data indicates that the Dubai market has remained contracted, reporting an increase of 1.7% over the previous quarter and a decrease of 4.8% over the same time of 2020. But despite this fact, Jumeirah Beach Residence, Palm Jumeirah, Downtown Dubai still displayed the best performance.
Adding more to it while speaking of the facts, Jumeirah Village, Dubai Marina, The Greens, and Dubai Production City are unpretentious. However, compared with last year, the apartments resulted in last year’s capital losses in International City, Palm Jumeirah, Jumeirah Beach Residence, Al-Furjan, and Al-Quoz Forth.
Villas and the Uprise
The demand for high-end villas within well-established villa communities has increased rapidly despite the pandemic. The supply is limited and is very attractive compared to the peaks before them. This demand was driven further by COVID-19 working-for-home lifestyles and attractive financing options. As coronavirus restraint took a leap last year, the demand for houses in Dubai increased due to recorded-low prices, mortgage rates, and up to 85% of attractive value-for-money ratios. In July alone, 4,429 real estate dealings were made in total since March 2017, for 11.11 billion dirhams that is almost $3 billion.
Keeping up with the news and investigation done by the mortgage Consultants of Money Maestro, according to the Dubai portal Property Finder, following the COVID-19 lock-down last year, the overall transaction value of the Dubai immovable market regained more than 324%.
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