Sales rose by more than 40% in June. Dubai continues to surprise
Home sales in Dubai are growing at an unprecedented rate. Among the reasons are high oil prices, the effective fight against the pandemic, and the influx of professionals and wealthy people from Russia.
Overall performance
Compared to May, home sales in Dubai were up 42% in June, according to consulting firm ValuStrat. The figure is especially impressive when you consider that during the same period a year ago, sales were 38% lower.
The largest share of the residential real estate market in the emirate — at apartments. Also interesting is the cost of purchased real estate. In June, there were 29 transactions worth more than Dh30 million ($8.2 million). If we talk about the average price, the cost of apartments rose by less than 1% in June.
Private house prices
Private homes account for less than 20% of the city’s housing supply, but they have been growing in popularity lately. They have become especially popular since the pandemic as people seek more space and privacy.
The value of detached homes as a whole is on the rise — prices have risen 32.2% in a year. But the average month-over-month increase is slowing. While last year prices grew by an average of 2.3%, this June the price per square meter grew by only 1.7%.
Causes of growth
Real estate market in Dubai began to recover thanks to several factors:
- the megacity’s active fight against the pandemic;
- improving economic indicators, bolstered by rising oil prices;
- the influx of skilled workers and wealthy people from Russia (this plays a role in the relative ease of obtaining visas for Russian citizens).
Apartments in Dubai for under $150,000
Cozy studio for €86,000
Fully furnished apartment of 33 m² in the center of Dubai (Jebel Ali district). The apartment is located on the 4th floor of a residential building with the amenities: promise pool (including children’s), 4 large elevators, covered parking. Significantly, parking is included in the price. As they write in the announcement, the way to the subway station will take just a minute, to the airport — 13 minutes. The delivery of the apartment is planned for this year.
Two-bedroom apartment for €115,000
This one-bedroom apartment of 61 m² is located in one of Dubai’s most prestigious areas — MAG 5 Dubai South. The listing states that the apartment overlooks the Greenbelt, the largest parkland network in the UAE, so there is no shortage of green spaces. Also on the photo you can see the samples of stylish interior of the apartments. There are jogging and cycling paths, playgrounds and shopping centers within walking distance.
Townhouse with two baths for €143,000
The presented townhouse is a 75 m² luminous space with 1 bedroom and 2 bathrooms. According to the listing, it may be possible to enter the property in the second quarter of 2023. As for infrastructure: nearby will be a mosque, jogging and cycling paths, swimming pool, tennis court, barbecue area. You can also use the private parking lot.
