The value of ready home sales in Dubai has doubled annually and crossed the benchmark of Dh8.5 billion in February. The increase in prices was driven by the rebound of government initiatives to stabilize the economy and Expo 2020 Dubai was the major contributing factor.
The total residential activity rose by 34 percent a year which is Dh15.5bn in February. This shows the primary surge is three times high and the value of off-plan sales and a 107 percent rise in the sale of new ready homes have positively contributed to the UAE's economy.
The sales transactions were higher approx Dh4.24bn value of homes sold in February. The areas with the highest sales in Dubai for off-plan sales are Mohammed Bin Rashid City, Dubai Marina, Downtown Dubai, and Business Bay.
The UAE property market has recovered at a faster pace after the major slowdown by the COVID-19 pandemic. However, the UAE Government’s initiatives have positively contributed to the recovery. The government initiatives were residency permits for foreigners, allowing and encouraging work from home culture, expansion of golden visas, and incorporating more benefits that add value and make foreigners stay for the longest duration in UAE.
These initiatives acted as a bone and helped the country survive in the most difficult times, also helped small and medium businesses to scale and eliminated the chances of them getting bankrupt.
The measures to deal with the spread of pandemics by providing the widespread vaccination program helped the real estate market to recover at a faster pace compared to other countries. Real estate also positively contributed to the recovery which we can see now higher demand, a surge in prices, and much more.
In the luxury property market, the top five areas that recorded the higher transaction value were Palm Jumeirah, Downtown Dubai, Dubai Harbour, Dubai Creek Harbour, and Jumeirah Bay Island.
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The affordable housing sales accounted for 48 percent of the total residential transactions in February while luxury house sales increased to 31 and 21 percent respectively. The demand for villas is high and the sales transactions were higher compared to apartments.
Palm Jumeirah has recorded the highest increases annually as the price per square foot is rising. Rental performances are all-time high and allowed some communities to recover. The budget property market has also seen growth and unit sales are also increasing each day. The total activity was higher as compared to the previous year's chart which shows there is huge potential in every area in the UAE.
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