Real estate purchase and sale prices in Dubai increased by 6-20% in the first half of 2021
Sales and rental rates for real estate in Dubai in the most popular areas of the city showed a significant jump in growth in the first half of this year.
Not least, such indicators have become possible thanks to the active policy of the Emirate authorities to stimulate demand.
Among the measures taken by the Dubai regulatory authorities are the expansion of the Golden Visa program, the ability to register a foreign business in 100% ownership without the participation of local representatives, remote registration of visas and residence permits, a successful vaccination campaign and the easing of quarantine measures.
According to a joint report by Bayut & Dubizzle, real estate for sale in the Emirate showed an increase in value from 6 to 20% in the first half of the year.
Wealthy buyers are showing increased interest in the areas of Dubai Marina, Downtown Dubai and Arabian Ranches.
Among the new areas, Dubai Hills Estate provided good data.
Jumeirah Village Circle — JVC, Akoya Oxygen, Dubailandand and Jumeirah Lake Towers — JLT have affordable housing.
The rental sector also shows excellent growth data. However, only the luxury real estate sector showed really significant growth.
Affordable real estate in some areas has maintained its current figures, in others it showed a slight decrease in prices up to 10 %. Luxury real estate has grown by more than 13%.
Affordable housing tenants have shown a high interest in JVC, Al Nahda, Mirdif, Akoya Oxygen, while Dubai Marina, Downtown Dubai, Jumeirah and Al Barsha are popular with wealthy residents.
Haider Ali Khan, CEO of Bayut & Dubizzle, points out: "Since the beginning of 2021, we have received an increasing number of signals that the Dubai real estate market is entering a steady growth trend, especially in the real estate purchase and sale sector. Most real estate agencies confirm the emerging trend, demonstrating excellent profit indicators for the first half of this year."
Dubai's leading developer, Emaar Properties, has reported a sharp increase in sales by 250% in the first five months of 2021 compared to the same period last year. The Dubai Land Department (DLD) recorded an increase of 221% in May when compared year-on-year.
DLD data shows that the first half of the year provided the market with 16,558 transactions with a total value of $ 6.73 billion. The finished property provided 59% of this amount. In the sector, the demand from end users for a long-term purchase of housing for their own use is becoming more and more obvious.
Haider Al Khan notes that both Bayut & Dubizzle portals showed a combined traffic growth of 28 million unique visits. "The vaccination program, investor-friendly reforms and the rapid adaptation of the market to changing demand allow Dubai to gradually get back on its feet after the consequences of the pandemic and quarantine restrictions," says Al Khan.
