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Dubai's April property sales at near Dh11b - best in four years

Dubai: There are more signs of Dubai’s property market hitting up again – April’s transactions of Dh10.97 billion is the highest in a month since March 2017. This brings the first four-month sales total to an impressive Dh36.12 billion, according to Property Finder.

Again, end-users seem to be the most active, going by the locations that are figuring in the sales charts. For now, property values are making only selective gains, such as at the Palm, and even individual buildings within Dubai Marina, Business Bay and the Downtown.

"In April alone, we have seen six villa transactions over Dh50 million, with one on the Palm recorded as the second highest villa transaction in 2021 worth Dh105 million," said Lynnette Saccheto, Director of Research and Data, Property Finder. "When looking at the mortgage transaction data, we have seen that April, March and January of 2021 had the highest number of monthly transactions since March 2010.”

Which can only point to one things - the presence of more end-users. Even then, offplan sales during April were the highest in 14 months.

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Villas and townhouses at Dubai Hills Estate, Arabian Ranches, the Palm, Mohammed bin Rashid City and Damac Hills. For apartments, areas of interest were Dubai Marina, Downtown, the Palm, Business Bay and Jumeirah Village Circle.

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Mohammed bin Rashid City was where the most transactions in a single community took place last month, Followed by Jumeirah Village Circle, which accounted for 5.8 per cent, and Dubai Marina with 5.6 per cent. In addition, Business Bay, which dominated all of the last 12 months for the most number of monthly sales in a community, fell from 7.2 per cent of total transactions in a single month to 3.5 per cent. This dropped it to 10th spot from number one.

On the offplan side, "Developers are attracting foreign investors with attractive pricing schemes and capitalizing on the new visa regulations to attract foreign direct investment,” said Sacchetto.