ExecutiveChronicles | 2021 in Dubai real estate market
2021 property market in Dubai review
A record number of new housing was put into operation the emirate, Business Emirates reports. To get high-class assistance in deciding on the property purchase in Dubai, you need to choose a luxury real estate agency in the UAE. Emirates.Estate website can help you find one.
By the end of 2021, a record number of residential properties were commissioned in Dubai. We are talking about 37,000 properties, which is an absolute record of the last decade.
The report clarifies that the new housing supply sector in the emirate is dominated by apartments (86% of the total volume of new properties put into operation for the period from January to September). Apartment prices have risen 2% year-on-year in the past year, despite an increase in supply.
Some of the biggest real estate projects delivered in 2021 include:
- Tiara United Towers in Business Bay,
- Artesia in Damac Hills,
- Bloom Heights in Jumeirah Village Circle,
- and 52-42 in Dubai Marina.
While several major new developments have been announced recently, including Deyaar’s Regalia Residences, Nakheel’s Murooj Al Furjan, and Emaar’s Palace Beach Residence, a total number of new developments has dropped significantly, down 47% year-to-date, compared to 2020, and up 79% compared to 2019.
Rise of prices in Dubai property
Rising prices for villas in the emirate will continue due to limited supply. Villa prices have risen 16% this year as many employees are telecommuting. This year, villa areas such as Akoya Oxygen and Villanova in Dubailand and Club Villas in Dubai Hills Estate saw some new housing developments, while other areas in Jumeirah Village Circle, MBR City, and Business Bay saw the most the number of deliveries of new villas to the market.
Luxury property in Dubai
The luxury real estate market in the emirate proved to be more stable. There is an increase in transactions due to the constant decline in prices, which makes such properties more affordable.
Some high-end areas have also seen decent price increases, indicating that demand for some areas remains strong. The growth in deals and demand is mainly in established areas such as the Palm Jumeirah, Downtown Dubai, and the Emirates Hills, which were previously considered overpriced.
Property Finder’s whistleblower revealed that the number of transactions for properties with a price tag of AED 10 million and above increased to 194 during the first half of 2020, compared to 115 such transactions in the first half of last year, an increase of 69 percent from the installed areas.
- On Palm Jumeirah, buyers’ interest in apartments on the half-moon (16 transactions) and villas on the Fronde (24 transactions) has resumed.
- In the center, apartments in the Opera area were very interested in buyers, while several stand-alone apartment projects also recorded good sales.
- Emaar’s Il Primo Tower in the Opera District has shown strong sales in the luxury segment.
The property market in the UAE
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