Bayut & Dubizzle 2020 Annual Property Market Report revealed that sales and rental markets in the emirate have shown a high level of tenacity.
Dubai's real estate market showed signs of recovery in the second half of 2020, despite the mobility restrictions and economic downturn caused by the coronavirus pandemic.
Bayut & Dubizzle 2020 Annual Property Market Report said, that despite early forecasts during the height of mobility restrictions that prices would fall by much higher margins, the market had quickly recovered with price reductions largely being in line with the trends seen across the previous two years – 2018 and 2019.
The data, gathered from the two property portals, demonstrated that the sales and rental markets in the emirate had shown a high level of tenacity.
The record-breaking traffic of over 7 million sessions, generated on Bayut & Dubizzle during December 2020 only, indicates the growing demand in the market in the second half of 2020.
According to the portals combined annual sales and rental market reports for 2020, the most popular neighborhoods reported price declines between 2 to 10 percent in sales and 9 to 17 percent in rentals. Dubai’s International City had the highest rental yields in 2020 with average rental yields at 8.5 percent as investors preferred affordable apartments with high return on investment (ROI).
In the luxury segment, Dubai Marina had the highest ROI of 6.2 percent.
The Dubai Land Department (DLD) reported earlier, that transactions worth over USD 16.3 billion had taken place in 2020. 20,716 of them were residential sales transactions worth USD 7.4 billion.
53 percent of total residential transactions were off-plan transactions, standing at USD 3.9 billion. Ready properties deals amounted to USD 3.4 billion.
The most popular area in off-plan apartments sales was Emaar’s Dubai Creek Harbour. Buyers looking for upscale off-plan villas paid most attention to Golf Place in Dubai Hills Estate.