Transaction volume growth in the housing market for six months reached 74% year-on-year.
According to the report on residential real estate in Dubai published by SmartCrowd, the volume of transactions increased by 74% year-on-year, in particular, thanks to the boom in the growth of the value of transactions to 113%, which, of course, indicates an increase in prices.
The state policy to introduce attractive schemes for obtaining visas and residence permits for investors and professionals is beginning to bear fruit. Incentives to support entrepreneurs and the private sector, active security measures to combat COVID-19 and a far-sighted attitude to events such as Dubai EXPO 2020 have increased investors' appetite for Arab real estate.
The director of the DFSA investment platform said that strong growth will continue during the remaining months of 2021.
About 72% of transactions were concluded with ready-made houses, while transactions for off-plan real estate accounted for only 28%.
High demand for ready-made properties contributed to an increase in prices per square meter of affordable real estate by 10% year-on-year, while the average cost per square meter of off-plan housing decreased by 3.4%.
According to the report, the decline may be due to the fact that new offers are focused on more affordable housing and, thus, put downward pressure on average prices.