– Citywide Volume and Value Trends
In 2014, which is largely considered to be the peak of Dubai’s real estate market pre-COVID, ready property transactions exceeded their off plan counterparts both in terms of total sales volume and value. In the following years, the off plan market began to come into its own, steadily increasing year-on-year and consistently beating out the ready market. 2020 saw this trend halt abruptly due to the pandemic, but since then the trend has resumed, with the off plan segment of the property market reaching nearly 70% of both volume and value this year.
– Affordability Analysis
Simultaneously, the property market was beginning to become more affordable until 2018, which saw a reversal of this trend. Over the last six years, real estate in Dubai has become increasingly less affordable, which is attributable to a number of factors. A prominent explanatory variable highlighted here is the concurrent increase in EMIs, which has seen buyers turn to developers as financiers.
– Community Breakdown
Breaking down the top communities for sales volume and value each year largely turns up unsurprising results based on the previous two sections. The market has skewed increasingly towards luxury and newer communities, with Jumeirah Village Circle being the only consistent exception.