The second quarter of this year has treated the Dubai’s real estate market quite well. This timeframe has displayed impressive growth as revealed by Morgan’s Q2 2021 Dubai Real Estate Report. Surprisingly, the city’s market is steadily recovering from the COVID-19 pandemic which negatively impacted markets throughout the world.
The proof of success through statistics
The primary or off-plan property market generated 6,007 transactions amounting to AED 9.16 billion in worth. On the other hand, the secondary market produced a total of 9,590 transactions having a total worth of AED 27.66 billion in the second quarter of the year.
As compared to the first quarter of the year, the off-plan market generated 3,362 transactions amounting to AED 4.95 billion and the secondary market produced a total of 8,302 transactions with the worth of AED 19.93 billion. This study noted 15,597 transactions amounting to AED 36.82 billion in the second quarter as opposed to 11,664 transactions with the worth of AED 24.89 billion in the first quarter.
In the second half of the year, 10,833 total cash transactions were made whereas 4,764 transactions were handled with mortgage.
Statistics according to different properties
The high-quality residential property communities consisting of the Dubai Marina made 1,541 transactions amounting to AED 3.88 billion in worth. In the Sports City, 287 transactions were made which generated AED 1.19 billion and in the Palm Jumeirah, 124 transactions giving rise to AED 2.51 billion were documented.
The performance of the luxurious properties likewise observed a boost since the previous quarter. A total of 254 transactions generating AED 4.89 billion of worth was reported which in the first half had 152 transactions giving AED 2.71 billion.
Similarly, the performance of commercial properties saw a spike in demand in the second half having 709 transactions with the worth of AED 1.96 billion. As opposed to the first half, it has grown which were 544 transactions amounting to AED 1.38 billion.
The premium retail and office areas consisted of Business Bay had a total of 172 transactions generating AED 279 million. In the Jumeirah Village Circle, 25 transactions were seen with the value of AED 29.99 million. As for the Jumeirah Lake Towers, the total transactions were 222 having the value of AED 180.89 million.
The average sales price
The greatest average apartment sales cost was observed in Dubai Harbor among all the city’s communities. It gave an average of AED 2,581 per square foot. When it comes to villas, The Palm Jumeirah offered the highest average townhouses and villas sales price with an average price of AED 2,957 per square foot.
The utmost apartment rental return was discovered in the International City giving an 8.25 percentage average on gross investment yield. The biggest townhome, garden or villa residence rental return was from the Dubai Sports City boasting a 5.95 percent average gross investment yield.
The residence category giving the maximum number of full projects finished by July 2020 was apartments having 62,996 units.
What does the future hold for Dubai’s real estate market?
As for the future of the city’s real estate market, this year boasts 26,091 planned property projects. For 2022, the planned property projects are 13,487. For 2023, the number is 3,361 and the year after that has 2,348 projects. The highest residence supply per area is offered by the Jumeirah Village Circle with 4,375 units.
Glimpse of the most expensive homes in Dubai
The most lucrative homes in Dubai are literally the epitome of highest luxury. These residencies boast opulence, stunning views, gorgeous interior and latest facilities. Below are a few top expensive residencies by LuxuryProperty.com.
A mansion located at the Frond H in Palm Jumeirah: AED 200 million
The Palm Jumeirah is known globally for being a legendary engineering landmark. This iconic location let’s you catch the most beautiful sunsets, be a few steps away from the ocean and offers direct access to famous tourist attractions. This glamorous mansion is situated at the fronds of the development. It defines the epitome of luxurious lifestyle and quintessence.
Boasting a total of 10 customized rooms, sauna, infinity pool, Turkish bath and gym, this residence covers a staggering 35,000 square feet. In the basement, you will find space to park 10 cars and there are service quarters too.
It is very close to Atlantis hotel, upscale eateries, 5-star hotels, and the waterfront spot of The Pointe. Even the Dubai Marina and JBR are a short drive away.
A splendid villa in Emirates Hills: AED 165 million
The evergreen and beautiful Emirates Hills community has always been the most lucrative residential place in Dubai. If you are a fan of luxurious villas, this 7 bedroom villa is situated in the Signature Villas of the community.
It is spread across a huge area of 45,000 square feet.
This amazing residence boasts a modernistic structure, a tempting lifestyle and the premium style interior. The villa includes a terrace on the rooftop, parking lot, a personal cinema, garden and so much more.
Although this villa is extremely costly, there are many other choices available for people who want to settle in the Emirates Hills. The investment cost for this community has a starting price of AED 15 million.
Ultra chic residence in Signature Villas of the Palm Jumeirah: AED 150 million
This attractive and modernistic villa comes with 10 bedrooms. It is basically a blend of two signature plots which makes it even more exquisite. It consists of a Turkish bath, 13 bedroom suites, an infinity pool, a personal cinema, a jacuzzi and a gym with a steam room.
This unrivaled villa covers a space of 33,057 square feet. If you think this residence is way too expensive, there are other villas for sale in the development as well which might satisfy your needs.