Bigger is better for house hunters in Dubai, says Property Finder
The onset of coronavirus and the subsequent lockdown measures and movement restrictions has resulted in people looking for bigger properties in Dubai, according to Property Finder, despite the economic crisis caused by the global pandemic.
The UAE’s largest real estate website revealed demand has shifted from traditional small family apartments to the secondary villa and townhouse sectors since the beginning of the global Covid-19 pandemic.
Figures released on Wednesday show July witnessed the highest number of sales transactions of ready villa / townhouse in a single month (493), even though the emirate is feeling the economic heat caused by the onset of coronavirus.
According to Data Finder, the real estate insights and data platform under the Property Finder group, the number of transactions in July was up by over 58 percent compared to the same period last year.
A statement from the company said: “We can see in our data this trend has grown significantly since the crisis started and continues to have an effect on the market.”
The top areas for secondary villa / townhouse sales were Nadd al Sheba (14.4 percent), Dubai Hills Estate (6.7 percent), Al Furjan (5.9 percent), Dubai Industrial Park (4.9 percent) and Mudon (4.7 percent).
In terms of off-plan areas, villa / townhouse sales were highest in Dubai South (28.1 percent), Dubai Hills Estate (23.4 percent), Arabian Ranches 3 (15.6 percent), Town Square (10.9 percent) and Dubai Land (7.8 percent).
Lynnette Abad, director of research and data at Property Finder, said “Nearly 35 percent of all searches for villa / townhouse in the past four months have been concentrated around Arabian Ranches, Dubai Hills Estate, Palm Jumeirah, Damac Hills and the Springs. Per the data, it is clear that consumers are looking for well-established communities with ready properties.”