Last month saw six villa transactions worth over AED50m each, according to data from Property Finder
One of the major trends seen in April was in Mohammed bin Rashid City which saw the most transactions in a single community recorded.
Dubai’s real estate market witnessed the highest value of sales in April for over four years, with transactions totalling over AED10.97 billion, according to the latest figures from Property Finder.
The number of sales increased month-on-month by 4.2 percent and 0.6 percent in terms of value and brings the year-to-date total to 16,577 transactions worth AED36.12bn.
In April, 70 percent of the total transactions were up to AED2 million, while 23 percent were between AED2m to 5m, 4 percent were between AED5m to 10m and 3 percent above AED10m.
One of the major trends seen in April was in Mohammed bin Rashid City which saw the most transactions in a single community recorded. This was followed by Jumeirah Village Circle, accounting for 5.8 percent of all transactions and Dubai Marina with 5.6 percent.
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.
“The dynamics in the residential real estate market in 2021 have been interesting thus far. In April alone, we have seen six villa transactions over AED50m, with one on the Palm recorded as the second highest villa transaction in 2021 worth AED105m,” according to Lynnette Abad Sacchetto, director of research & data.
“When looking at the mortgage transaction data, we have seen that April, March and January of 2021 had the highest number of monthly transactions since March 2010.”
In April 2021, 60 percent of all transactions were for secondary/ready properties and 40 percent were for off-plan properties. The off-plan market transacted 1,934 properties worth a total of AED3.09bn and the secondary market 2,898 properties worth AED 7.89bn.
Compared to March, the number of off-plan transactions last month 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.
“In the past few months, we have seen the highest amount of off-plan transactions month-on-month since February 2020 as the off-plan sector seems to be picking up again. Developers are attracting foreign investors with attractive pricing schemes and capitalizing on the new visa regulations to attract foreign direct investment. ” according to Sacchetto.
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).
In terms of 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).
