The Dubai real estate market is rapidly recovering, the amount of sales have increased sharply. Foreign investors and the local population are buying up properties, even though the price growth is accelerating. But the peak indicators of 2013 are still far away…
The Number of Home Sales is Growing
In the first six months of 2021, the number of transactions in Dubai increased by 40% compared to the second half of 2020. In the primary and secondary real estate market, 27 thousand purchase and sale agreements were signed for a total of $16.9 billion. For comparison, in 2020 the deals made $19.6 billion.
The excitement was noticeable in the first quarter, and the third also started successfully: only one week brought a record amount to the emirate's real estate market $1.44 billion.
From January to June 2021, the average contract price also increased. In the secondary market, it amounted to $732,400, an increase of 8.5% compared to the second half of 2020, in the new construction market $413,800 (+15.36%).
Buyers disassemble all types of objects. Villas and townhouses are more often searched for in such projects as Mohammed bin Rashid City, Dubai Hills Estate, Dubai Land, Nadd al Sheba and Green Community. The most popular areas for buying apartments are Business Bay, Jumeirah Village Circle, Dubai Marina, Jumeirah Lakes Towers and Downtown Dubai.
The demand for luxury real estate in Dubai from wealthy foreigners has sharply increased. Thus, in the second quarter of 2021, sales in the luxury segment jumped by 43.8% compared to the previous quarter. 818 villas and 4,681 apartments were sold for $4.54 billion, according to a report by Luxhabitat Sotheby's International Realty, citing data from the Dubai Land Department.
With an increase in demand, prices are restored. In some areas of the emirate, luxury real estate has added 40% in value, the CSMonitor publication reports with reference to Property Finder. Nevertheless, the peak indicators are still far away. For example, the average selling price of apartments in Burj Khalifa (the tallest building in the world) fell from $13,900 per sq.m in 2013 to $4,300 in May 2021.
The interest of rich people is fueled by a favorable business environment, tax incentives, the state policy of the emirates to introduce attractive schemes for obtaining visas and residence permits for investors, and success in the fight against coronavirus.
Real estate for sale in Dubai:
374 379 €
Apartment in Dubai, UAE
65 sq.m212
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Bonnington Tower is a 5 Star Hotel Apartment in the ever growing Jumeirah Lake Towers Community, an emerging free zone district in Dubai. It features hundreds of well-appointed rooms and suites, deluxe service.
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Anantara Residence is an impressive, exclusive residential property located in the five–star Anantara Dubai Palm Jumeirah Resort and Spa. A tranquil haven for a tranquil resort life, with architecture that reflects the spirit of Asia, Anantara Residences offers stunning, unobstructed panoramic views of the resort's lagoons, across the Palm...
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Horizon Realty
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Renaissance Estate
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Renaissance Estate
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Introducing the Bugatti Residence, where luxury living reaches new heights. This is not just a home; it's a masterpiece of architectural excellence and uncompromising into a world where opulence knows no bounds. The Bugatti Residence redefines luxury living, providing an unparalleled experience for those who demand only the best. From the moment...
Habita International Estates Ltd
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MAG EYE
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Handover after 3 months
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HORIZON REALTY is honored to present you a project, Luma Park Views, Jumeriah Village Circle area in the central part of the city of Dubai.
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Horizon Realty
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Renaissance Estate
357 420 €
Flat in Dubai, UAE
110 sq.m32
It is a 21-storey clubhouse with studios and apartments with 1-2 bedrooms. Some of the two-bedroom apartments are sold with private pools on outdoor terraces. All lots come with designer renovation, built-in kitchen appliances and plumbing. From the balcony you can admire the neighboring parks. Delivery is September 2024.
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Renaissance Estate
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Sobha The Crest Grande Apartments is a mix of skillfully designed interiors that combines lavishness with complete craftsmanship. This community is unlike any other because of the best blend of high-quality construction materials, fittings, and remarkable personalization among other things.
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Discover your ideal family haven in this beautifully designed five-bedroom villa located in the serene and sought-after community of Jebel Ali. This spacious home offers a comfortable and stylish living space that's perfect for a growing family.
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ResidenceOnline ViewingCryptocurrency payment
Immerse yourself in European chic at Raffles, The Palm Dubai, with this opulent 4-bedroom residence. Crafted by the finest European artisans, this spacious abode offers a seamless blend of classic design and contemporary allure.
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Stage Properties Brokers LLC
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Property Features
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My name is Alexander, ask me your question, availability and prices need to be clarified on the date of the request!!
THE RHYTHMIC DANCE OF SUNLIGHT ON AZURE WAVES REFLECTS THE ETERNAL POETRY OF THE MEDITERRANEAN SEA!
IT IS KNOWN ABOUT THE WAVES OF THE MEDITERRANEAN SEA THAT THEY EMBRACE, BUT ARE NOT DANGEROUS!
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CULTURE REAL ESTATE
200 199 €
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42 sq.m1
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Luxury townhouse in the new Lillia at The Valley community in Dubai Land! A great option for living and investing! Guaranteed income - from 10% in $! We will provide the investor's catalog! Great location! Installments of 0%!
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In the context of nationalities, in the five months of 2021, the most money for the purchase of real estate in 5 months of 2021 was spent by Indian citizens - $1.6 billion. They are followed by the British ($790 million) and the Chinese buyers ($381 million). French and Pakistanis have invested $270 million each in the emirate.
But the main buyers are local. They are motivated by two factors.
First, the record low prices for real estate in the emirate. According to Knight Frank, housing in Dubai is still 36% cheaper than during the last peak in 2014. For example, in the prestigious seaside district of Dubai Marina, an apartment can be rented for an average of $3,500 per sq. m, and in Jumeirah Village Circle it is even cheaper – $2,300.
Secondly, profitable loans. Back in early 2020, the Central Bank of the UAE carried out a reform. In particular, the amount of the initial payment was reduced from 25% to 20%, which made the mortgage more affordable. And this is against the background of the fact that banks continued to offer record low rates - from 1.99% (compared to 2.49% in mid-2020).
As a result, from January to June 2021, the volume of transactions involving mortgages increased by 91% compared to the second half of 2020. And the number of contracts involving borrowed money has reached 40% of all sales in Dubai, the Mortgage Finder company estimates.
The average loan amount for the first six months increased by 24% compared to the second half of 2020 and amounted to about $600,000. As you can see, buyers took out loans for far from the cheapest housing.
Those who pursue an investment goal most often choose apartment hotels or residential real estate in the coastal areas of Dubai.
Buying a property in Dubai for rent seems profitable to many. First, the population is increasing from year to year (by 80 times over the past 60 years), mainly due to visiting investors, entrepreneurs and hired workers.
Secondly, Dubai is very popular among travelers, for whom renting is the preferred option to stay in the emirate.
Thirdly, there is a relatively high yield of 6-7% per annum on average. For comparison: in large European cities like Berlin or London, you can earn 2-3% on renting at best.
Investors who are focused on investing for a long time, acquire status objects in the best complexes. Wealthy buyers are attracted by the favorable investment climate in the country, low taxes and the prospect of increasing the value of real estate along with the growth of the market.
Certain guarantees that there will still be growth can be found in the recently adopted Dubai 2040 Urban Master Plan. It involves intensive construction and billion-dollar investments.
