Real estate prices in the first half of 2021

28.07.2021
Real estate prices in the first half of 2021

In the first half of 2021, Dubai registered $ 17 billion in real estate transactions.

According to Property Finder, Dubai registered AED 61.97 billion ($ 16.87 billion) in real estate transactions in the first half of 2021, indicating a recovery in the emirate's real estate economy.

Few numbers and comparisons with last year:

The value of transactions in the first half of last year was about 56% higher than in the second half. Total sales for the six months from January to June rose more than 40% to 27,373 compared to the second half of 2020.

“54% more apartments were sold in the first half of 2021 compared to the second half of 2020 and 49% more villas / townhouses,” said Linnett Sacchetto, director of research and data at Property Finder.

The real estate market in Dubai has registered an increase in transaction activity over the past few months due to deferred market demand. According to a recent report by Knight Frank, house prices in the emirate grew at the fastest pace in seven years in the second quarter of 2021.

Average property prices in Dubai, the commercial and tourist hub of the Middle East, rose about 1% quarter-on-quarter between April and June this year, to AED 1,156 per square foot, Knight Frank reported.

According to Property Finder, in the first half of the year, there were 17,434 secondary or finished deals worth AED 46.88 billion and 9,939 unscheduled transactions worth AED 15.09 billion in Dubai.

The average transaction price for a secondary or finished property increased to AED 2.69 million in the first half from AED 2.48 million in the second half of last year, while the average transaction price for off-plan real estate rose to AED 1.52 million from 1 dirham. 32m for the reporting period.

Conclusion:

The UAE real estate market, which has softened amid the Covid-19 pandemic, like other real estate markets around the world, is steadily recovering amid supportive government measures, the upcoming Expo 2020 and growing demand for large homes amid growth. in remote work.

Government initiatives such as residence permits for retirees and remote workers, and the expansion of the 10-year golden visa program have also helped to improve the situation.

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