Friday, June 25, 2021

Residential capital values in Dubai drops 11% in Q1 2021

The residential capital values in Dubai dropped 11 percent year-on-year during the first quarter of 2021, standing at 61.9 points, according to leading UAE-based local consulting firm ValuStrat. The residential VPI showed an average quarterly improvement of 0.8 percent.

Haider Tuaima, the Head of Real Estate Research at ValuStrat told the media, “A positive trend which commenced H2 of 2019, only cut short by the Covid-19 restrictions last year, now as we welcomed 2021, that trend has intensified with improved investor confidence, boosting demand, with record number of title deeds registered, and a gradual growth towards previous peaks.”

“The average residential annual rent in Dubai was Dh76,910, apartments at Dh55,000 and villas at Dh211,485. Dubai’s residential net yields averaged 6.1 percent, with apartments at 6.4 percent and villas at 4.9 percent. Residential occupancy in Dubai was estimated at 80 percent.”

Dubai recorded 3787 real estate transactions in the month of February this year, according to the 12th edition of Mo’asher, Dubai’s official sales price index that was launched by Dubai Land Department (DLD) in cooperation with Property Finder. Transactions worth $2 billion were completed during the period, which is a 8.9 percent rise when compared to January.

The report further revealed that around 67 percent of the transactions were for secondary properties whereas, around 33 percent were for off-plan properties. Around 10.3 percent of all sales in the villas/townhouses sector were reported Nad al Sheba, followed by Dubai Hills Estate with 8.3 percent, Green Community with 8 percent, Arabian Ranches with 4.7 percent and Dubailand with 4 percent.

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