Revealed: Most popular areas of Dubai for property hunters in March

Revealed: Most popular areas of Dubai for property hunters in March

Dubai's real estate sector continues to show signs of recovery after 4,643 transactions were complete in March, an increase of 23 percent compared to February, worth AED10.93 billion ($2.98), which was up 47 percent in comparison to the previous month.

According to the 13th edition of Mo'asher, Dubai's official sales price index, launched by Dubai Land Department (DLD), in cooperation with Property Finder, the first quarter of this year had 11,753 sales transactions – up 6 percent compared to the final quarter of 2020 – worth AED25.15 billion ($6.85 billion).

In March, 63 percent of sales transactions were for secondary/ready properties, the highest since June 2015, and 37 percent were for off-plan properties. Apartment sales accounted for 71 percent of the total transactions and 29 percent were for villa/townhouse sales.

There were 1,713 properties sold in the off-plan market worth AED2.91 billion ($792 million) and the secondary market transacted 2,930 properties worth AED8.02 billion ($2.18 billion).

Current trend of work-from-home, staycations and regional travel has increased the demand for short-term rentals in the emirate

The data from Property Finder revealed in the villas/townhouses sector, 11.5 percent of all sales in March 2021 took place in Mohammed bin Rashid City, followed by Tilal Al Ghaf (10.1