Bayut and Dubizzle's report on the Dubai real estate market for the first quarter of 2021 showed that the average rental price of luxury properties in Dubai increased by up to 10%, while the average prices of low-cost properties recorded a decrease of up to 13%.
The report, issued today, stated that the real estate sector began to recover during the first quarter, bypassing all challenges caused by the spread of the Coronavirus epidemic.#
The data included in the report indicated that sales and rent prices in most of the well-known areas in the emirate have recorded promising growth and an increase in demand for luxury real estate.
The report indicated that Jumeirah Village Circle, Mirdif, Al Nahda, and Akoya Oxygen were the preferred options for those looking for low-priced properties for rent, while Dubai Marina, Downtown Dubai, Arabian Ranches and Dubai Hills Estate remained very popular with those looking for luxury properties for rent.
The data revealed that the prices of properties offered for sale in Dubai increased by 2% to 10% during the first quarter of 2021.
Preferred areas for investment
The report noted that the preferred areas for investors and buyers looking for real estate at low prices included:
1- Jumeirah Village Circle.
2- Jumeirah Lakes Towers.
3- Dubai Land.
4- Akoya Oxygen
While the most popular areas for those looking to buy luxury real estate are:
1- Dubai Marina
2- Downtown Dubai
3- Arabian Ranches
4- Palm Jumeirah
According to the released data, the luxury apartments market in Dubai recorded a noticeable increase in sales prices, which indicates the increasing demand for luxury homes.
Dubai Marina has maintained the top spot in the list of most sought-after areas for buying luxury apartments during the first quarter of 2021. The average price per square foot of ready-to-move-in apartments has increased by 5.62%, from 1,152 dirhams to 1,217 dirhams.
The average price per square foot of ready-made apartments in Downtown Dubai, Business Bay, and The Palm Dubai also witnessed varying increases between 5% and 8% during the first quarter of 2021, ranging from 1,250 to 1,890 dirhams.
On the other hand, Jumeirah Village Circle has captured the attention of buyers and investors looking for apartments at low prices.
The average price per square foot for apartments in Jumeirah Village Circle decreased slightly by 2.21% to reach AED 806.
And the prices of apartments in each of the Jumeirah Lakes Towers, Dubai Silicon Oasis and Dubai Sports City, which is known for its moderate real estate prices, increased slightly, ranging between 2% to 4%.
Similar to apartment sales, luxury villa complexes in Dubai also witnessed an increase in sales prices during the first quarter of 2021, which may have resulted from ready-to-move-in and larger homes, especially during the spread of the Corona virus epidemic.
According to the report, Arabian Ranches dominated the interest of potential buyers and investors looking for luxury villas to buy during the first quarter of 2021.
The average price per square foot for villas offered for sale in Arabian Ranches increased by 9.74%, from AED 931 to AED 1022.
The report showed that high-income buyers and investors also continued to be interested in family-oriented projects such as Dubai Hills Estate, The Villa, Palm Jumeirah and Jumeirah Golf Estates, which have high-end amenities and facilities including golf courses and private beaches.
These areas also witnessed an increase in the selling price per square foot of villas, ranging from 7% to 10% in the first quarter of this year.
Published by Jhon Bell