Sales of ready-made villas in Dubai rose 19.3% during the first half
Ready-made properties have captured the most interest from investors.
From the source
A report by "Smart Crowd" stated that the sales of ready-made villas in Dubai increased by 19.3% during the first half of this year, compared to the first half of last year, and sales of villas on the map increased by 9.3%.
In detail, “SmartCrowd”, the digital platform specialized in investment and crowdfunding real estate and licensed by the Dubai Financial Services Authority, revealed the results of the inaugural or semi-annual report on residential real estate in Dubai for the first half of 2021, the results of which showed the rapid and sustainable recovery and recovery of the market Real estate in Dubai in the first half of the year. The report also indicated an increase in the percentage of the total volume of transactions in the Dubai real estate market in the first half of this year by 74%, to reach 37,352 thousand transactions, compared to 21,462 thousand transactions in the first half of 2020, while the value of real estate transactions increased by 113% during the same period. .
The villa sales market in Dubai recorded a strong performance as people's preferences shifted to larger living spaces with outdoor facilities.
The research conducted by Smart Crowd showed an increase in the average sales rate of ready-made villas in Dubai by more than 19.3%, from 758.4 dirhams per square foot in the first half of 2020 to 905.1 dirhams in the first half of this year.
While the sales prices of villas on the map increased by 9.3%, from 684.8 dirhams per square foot in the first half of 2020, to 748.4 dirhams in the first half of this year.
While ready-made properties attracted the largest amount of interest from investors, reaching 72% of the total transactions on completed homes, compared to 28% of those on the map.
However, the demand for available properties helped increase the prices per square foot by 10%.
On the other hand, the average square foot price decreased by 3.42% on properties that are still on the map, compared to the first half of 2020, due to the abundance of new housing units at affordable prices, which caused a decrease in average prices.
The report also included a closer look at specific regions and segments in Dubai.
Where the Palm Jumeirah witnessed a slight increase in the value of real estate transactions by 34% and an increase in the volume of transactions by 221%, while the Jumeirah Lakes Towers witnessed the highest increase in the volume of transactions amounting to 262%.
Residential units also achieved an increase in the sale prices of ready apartments by 8.7%, and the prices of off-plan apartments decreased by 9.5% compared to the same period last year.
The CEO and co-founder of Smart Crowd, a unique friend, said: "There are a number of factors that boosted the appetite and confidence of investors, and the volume and value of transactions in Dubai during the first half of this year, which resulted in the sector's recovery, including: government actions to provide attractive plans for investors and professionals willing to In obtaining residency and visas, incentives to support entrepreneurs and the private sector, proactive safety measures to combat the (Covid 19) pandemic, as well as the wise vision behind hosting (Expo 2020 Dubai), and we expect this confidence to continue to grow during the second half of this year.” .
Farid added, "The lack of new supply in the most popular areas in Dubai and the low level of prices to what they were in 2011 resulted in an increase in demand and a positive desire among investors for the available properties."
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