Dubai August 6, 2021: Best July on record in 12 years for Dubai property sales as market continues on growth trajectory.
The value of property sales in the first seven months of 2021 exceeded the full-year level for 2020, which stood at 35,401 property sales worth Dh71.87bn.
Villas and town houses in Dubai Hills Estate, Arabian Ranches, The Palm Jumeirah, Damac Hills and Mohammed bin Rashid City were the top areas for transactions, according to Property Finder’s demand data.
The most popular areas of interest for apartments included Dubai Marina, Downtown Dubai, The Palm, Business Bay and Jumeirah Village Circle.
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The impressive July results build on the momentum from a strong H1 2021, with the number of units sold in the first half of 2021 being 70 percent higher than unit sales in the first half last year, and 52 percent higher compared to H1 2019, according to the H1 2021 Dubai Real Estate Market Report published by Betterhomes earlier this week. The report cited an “overall positive economic and employment sentiment” in the Emirate.
Richard Waind, the group managing director for Betterhomes, noted that prices would continue on an upward trajectory for the next couple of years, with the US Federal Reserve indicating that interest rates will remain at their current low levels well into 2022, and the supply of new units peaking and expected to drop from next year.
Meanwhile, a survey by real estate consultants ValuStrat showed that the neighbouring Emirate of Abu Dhabi had also seen growth in the property market, with capital values having grown 3.9 percent year on year, and the first city-wide rental increase recorded in 5 years.