According to Data Finder, Dubai residential sector recorded 3814 transactions worth Dh7.43 billion in January 2021. The month of February also saw the highest number of ready properties transacted in a single month since March 2014.

Diving more into the February’s property-outlook, transactions were 15.6% more than the previous month volume-wise and 10.2% more in terms of value. This results in a year-to-date-total of 7109 transactions worth Dh14.16 billion in accordance with the data provided by the Property Finder Group.

Lynnette Abad, Director of Research and Data at Property Finder says, “During the pandemic it was very clear in the search and demand data, which we analyze daily, that customers wanted to move into a property now and not wait for the construction to be completed  on an off-plan property. This trend was very apparent with end users who were looking to either purchase their first home in Dubai or upgrade to a larger property with more internal and external space.”

The Data Finder states a stark difference of rise in volume of transactions of ready properties between 2020 and 2021. The same high trend kept following in 2021 which enabled the last month to record the highest deal for ready properties in a single month over the past seven years.

The Aestecos Q4 2020 UAE Real Estate Report states that the real estate sector displayed an extraordinary level of resilience in the face of countless challenges thrown by the pandemic. It also reports a future rise in supply-demand imbalance if the currently stalled projects do not resume activity. It also stated that around 41,500 residential units and 1.5 million square feet of office spaces are expected to hand over in 2021 in Dubai.

Supporting the above report, The Data Finder informs, “In February, 68% of all transactions were for ready properties and 32% were for off-plan properties. When we look at the volume of transactions, the off-plan market transacted 1163 properties worth a total of Dh1.61 billion and secondary market transacted 2650 properties worth a total of Dh5.52 billion. Comparing this to January 2021, the number of off-plan properties transacted in February increased by 35.8% and the ready properties transaction increased by 8.2%.”

Continuing more on this, Lynette Abad said, “Since restrictions have eased and we move into the New Year, we started to see developers launch new phases to existing projects which are under construction. These new launches, especially in the villa and townhouse segment proved to be very popular with the investors over the last few months.”

Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohammed Bin Rashid City and DAMAC Hills fell under the top areas of searches for villas and townhouses in Februaray 2021. In terms of top searches for apartments; Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle, were top areas of interest for the investors and buyers alike.

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