Dubai’s property market has reached a 4-year high. The highest valuation of 4,832 sales transactions throughout April worth AED10.98 billion ($3bn) further indicates how the city’s real estate sector is booming rapidly.
According to reports in the 14th edition of Mo’asher, Dubai’s official sales price index, launched by Dubai Land Department (DLD), in cooperation with Property Finder, show sales were up 4.2 percent on March and 0.6 percent in terms of value. Value of luxury Dubai property deals jumps by 25% in Q1
It takes the total number of properties sold up to the end of April to 16,577, worth AED36.12bn ($9.8bn).
Reports shared by arabianbusiness.com reveals that in April, 60 percent of sales transactions were for secondary/ready properties and 40 percent off-plan. Apartment sales accounted for 69 percent of the total, and 31 percent were villa/townhouse sales. 70 percent of the total transactions were up to AED2m, while 23 percent were between AED2m to 5m, four percent were between AED5m to 10m, and three percent above AED10m.
The off-plan market transacted 1,934 properties worth AED3.09bn ($841m) and the secondary market transacted 2,898 properties worth AED7.89bn ($2.15bn).
Comparing this to March, the number of off-plan sales transactions in April increased by 12.9 percent, the highest in 14 months, and the secondary/ready property transactions decreased for the first time in 11 months by 0.92 percent.
In the villas/townhouses sector, 18.5 percent of all sales in April took place in Mohammed bin Rashid City, followed by Dubailand (10.3 percent), Dubai Hills Estate (9.4 percent), Rukan (5 percent) and Town Square (4.9 percent).
In terms of apartments, 8.5 percent of all sales transactions were done in Dubai Marina, followed by Jumeirah Village Circle (8.4 percent), Jumeirah Lake Towers (7.6 percent), Downtown Dubai (7.3 percent) and Business Bay (5.4 percent) according to the data from Property Finder.