Thursday, June 24, 2021

Residential capital values in Dubai increases by an average of 1.2% in April

Residential capital values in Dubai have increased by an average of 1.2 percent in April, according to ValuStrat Price Index (VPI). This is the highest monthly increase in seven years.

ValuStrat said in its report, “On a citywide level, capital values of residential homes commenced a growth trend, a promising signal that the property market has indeed bottomed out. Clear improvements in capital values were observed in 96 percent of locations monitored by the VPI.”

Even though the global slowdown and the coronavirus pandemic did impact the real estate market in Dubai, activities and sales in the market has picked up as more and more people are looking to own their own properties.

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 an 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.

Dubai’s real estate sector recorded around 51,414 sales transactions worth Dh175 billion in 2020 despite the coronavirus pandemic and economic uncertainties, according to a report by the Dubai Land Department (DLD). During the period, Dubai attracted 31,648 new investors and investments worth over Dh73.2 billion.

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