February 2021 has become the most active month in the last seven years with the completed property sales in Dubai worth over USD 1.6 in less than 30 days. The share of ready-to-move-in property sales reached the level of 68% of the total 3,814 property transactions worth USD 2 billion.
The real estate market has been experiencing a decline in housing prices and rent rates caused by the pandemic and a significant supply glut in the market. This fact has attracted foreign investors after the pandemic restrictions were eased. However, the real estate market remains subdued in comparison with the pre-COVID-19 stats.
According to Lynette Abad, director of Data and Research at Property Finder, today’s housing buyers who are searching for their first home in Dubai or a larger option do not want to wait for the construction to be completed. They want a home ready to move in.
Lynette Abad also added that although the demand for off-plan properties is relatively low, some developers are planning to build extra homes, especially in the villa and townhouse sector. This type of property has become one of the most popular options over the last few months.
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