Dubai reports highest residential real estate sales figures for Q1 since 2010
According to the latest Q1 real estate market report from Valustrat, the first three months of the year witnessed the highest recorded number of home sales transactions in #Dubai 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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