Based on data from Propertymonitor, a third-party research agency, in February 2019, a total of 2,961 units of properties were sold in Dubai. Off-plan apartment transfers continued to dominate in February 2019, as has been the case over the past 12 months. Among them, 1691 units of off-plan residential properties were sold, including 1451 apartments and 240 villas. In the secondary market, 1270 units of properties were sold, including 934 apartments and 336 villas. 

In February 2019, the areas with the largest transaction volume of the off-plan villa (with Term Payment) in Dubai are Mohammed Bin Rashid City and Dubai South, both have reached 58 units. In terms of the off-plan apartment, the largest transaction volume is in Mohammed Bin Rashid City, which reached 316 units. Downtown Burj Khalifa and The Lagoons are ranked the second and the third respectively, with 208 and 197 units. 

In the secondary market, most of the transactions of Villa appeared in Mohammed Bin Rashid city area with 46 units, which followed by transactions in Emirates Living and AI Furjan respectively, 36 and 24 units. In terms of the second-hand apartment, the Palm Jumeirah area reached the top with 178 units, following by Dubai Marina and International City with 113 units and 81 units. 

In February 2019, the house price declined by 1.8% month-on-month – a fall of 0.1% compared to the monthly change in January 2019. The annual decline in house prices was more pronounced in communities such as Arabian Ranches, Emirates Living, and Discovery Gardens, where house prices declined by more than 11% on averages. 

The rental price remained substantially unchanged in February 2019. The Arabian Ranches faced the largest reduction about 1.92% in the villa/townhouse price. A larger decline appeared in the apartment market, especially in Dubai Sports City and Jumeirah Lakes Towers area about more than 2.5%. However, the rental price in the entire market did not appear significant changes in February 2019. 

To sum up, the number of property sales in the major regions of Dubai has rebounded. The best performance since December 2018 appeared. The rental prices in key core areas remain essentially unchanged. The City Walk area in Dubai is eye-catching as a newcomer. It is located in downtown Dubai near Dubai Mall and Burj Khalifa, which is an optimal choice for investors based on Astelius’ opinion. In February 2019, the sales of off-plan properties were better than in the secondary market. The performance of apartment market was the best in the past four months.

 Download the full report: Dubai Residential Real Estate Market for February 2019

For more information about investment in Dubai, please read Astelius Dubai Investment Handbook 2019, or contact us.