Dubai’s property investors seem to have shrugged off the negative impact of the pandemic, and a consumer confidence-led recovery can be seen in the real estate sector. Property deals in the emirate hit their highest levels in eight years last month, official data showed. Dubai’s sales price index recorded 6,388 sales deals worth Dh14.8 billion in June 2021, the highest in value since December 2013.

After a brief hiatus, investors seem to be flooding back into Dubai’s property market. The UAE leads the world in terms of vaccine doses per 100 residents, boosting consumer confidence in the economy. Last year, after the pandemic forced global lockdowns and travel restrictions, property transactions in Dubai were subdued. That pent-up demand combined with a sweet spot in property prices and surging optimism has now resulted in multi-year-high deal-making activity.

At almost Dh37 billion, the value of deals in Q2 2021 was 46 per cent more than the value in Q1 2021

The most recent quarter (April-June 2021) saw 15,638 sales deals, the highest since the last quarter of 2013 and one-third more than Q1 2021. At almost Dh37 billion, the value of deals in Q2 2021 was 46 per cent more than the value in Q1 2021. According to Mo’asher, Dubai’s official sales price index, Dubai saw more than 27,000 property deals worth Dh62 billion during the first half of 2021. Compare this with the whole of 2020, which saw 35,000 sales deals worth Dh72 billion, and it becomes clear that local and foreign buyers are flocking back to the Dubai property market.

In fact, a deeper dive into the data shows that the June 2021 numbers are not just better than those registered in the same of month of 2020, but also in June 2019. The volume and value of Dubai property deals are up 173 and 205 per cent, respectively, in June 2021 over the same month of 2020. When compared to June 2019, property deals are up 141 per cent in terms of volume and 179 per cent in terms of value.

In the second quarter of 2021, over 61.5 per cent of the deals were for secondary (ready) properties while 38.5 per cent were for off-plan properties. According to Property Finder demand data, the top areas of interest in terms of sales transactions for villas/townhouses in Q2 2021 were Mohammed Bin Rashid City, Dubai Hills Estate, Dubai Land, Green Community and Town Square. The top areas of interest for apartments were Jumeirah Lake Towers, Dubai Marina, Meydan, Jumeirah Village Circle and Downtown Dubai.