Upgraded Housing Searches in Dubai Increase By 400%
The emirate’s real estate market is getting back on its feet as it poses a V-shaped recovery, in response to the ongoing pandemic scenario. With 3,928 transactions worth $2.08bn (AED7.65bn), November marked the highest number of overall transactions to take place in the Dubai real estate market in nine months.
September to November 2020 witnessed the highest ready villa townhouse sales historically; November 2020 marked the highest ready unit apartment sales recorded in 16 months.
Owing to an increased appetite for upgraded housing solutions in prime locations, the number of villa and townhouses searches have increased by 400% since the start of the year, as compared to apartment searches that have witnessed a drop.
Given the accessibility of the current real estate market, people are also looking to upgrade to more prime locations including the likes of The Springs, Dubai Marina, Jumeirah Lakes Towers and Arabian Ranches – as demand increased, the available units in these areas decreased and prices for properties in such localities are currently on the rise to balance the demand and supply.
As the city-centers continue to hold their stance as prime locations for property rental and purchase, the market witnessed a surge in demand for larger and more spacious units situated on the outskirts of the city. People are starting to venture further away from the epicenter in search of alternative communities that promise unparalleled living solutions with an enhanced community experience.
While the listed properties across Tilal Al Ghaf, Al Muhaisnah, Wasl Gate, Town Square, Mira, Rukan and Dubai Harbour did not increase significantly throughout the year, these areas seem to have grown exponentially in popularity with a spike in searches for both, apartments as well as villas and townhouses.
The demand and movement of the secondary villa or townhouse sector has boomed in H2 20. Movement restrictions associated with the ongoing COVID-19 pandemic, has fuelled a demand for more spacious units
In villas and townhouses, three-bedroom units were the most popular and searched for, while in the category of apartments, majority of searches and inquiries were generated for one-bedrooms, followed by two and three-bedrooms.