Dubai reports highest residential real estate sales figures for Q1 since 2010
As the emirate’s #real #estate industry continues to recover from the twin shocks of a legacy glut in supply and the coronavirus pandemic, the city saw sales of more than 6,000 ready homes in the first quarter, worth AED13.5 billion, and 3,600 off-plan properties worth AED5 billion.
The figures revealed that annually, non-mortgage sales volumes of ready homes grew 76.1%, however, off-plan sales declined 30.2%.
The report said: “When compared to the previous quarter, ready home sales were up 17.4% and off-plan sales were 8.9% higher.”
The median transacted price for ready apartments stood at AED9,171 per sqm (AED852 per sqft), which is up 9.8% on the previous quarter and up 1.5 percent year-on-year; for ready villas, the median transacted price was AED9,580 per sqm (AED890 per sqft), up 15.3% QoQ and 13.7% year-on-year.
In terms of residential rents, there was an overall fall of 11% year-on-year in Dubai, although this was not reflected across the board, with apartment rents down 18.4% compared to the same period last year, while villa rents jumped 3.9%.
In addition, the report showed residential occupancy in Dubai is currently estimated at 80%.
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