Resale properties for sale in Dubai
Secondary property in Dubai is in great demand among home buyers and investors as never before. Ambitious foreign nationals, driven by the idea of accumulating their capital in a promising and secure place, buy up any real estate, and the secondary housing stock in Dubai is no exception. Due to the peculiarities of the local market, such secondary properties in Dubai are slightly different from new and off-plan housing. The quality of resale properties in the emirate is not inferior to new real estate and, in some cases, surpasses it with its well-developed social infrastructure and convenient amenities.
To understand why buying an investment resale property in Dubai is a good idea, we suggest you familiarize yourself with the main advantages of such housing.
Advantages of buying resale real estate in Dubai
A potential buyer should evaluate the following benefits of a second home in the emirate:
- The opportunity to settle in the house asap as, unlike off-plan real estate, in the secondary housing market, you can move into your new apartment in Dubai after receiving the keys;
- The house is operational and habitable. The secondary market sells both old and newly built housing. However, these buildings have been previously occupied, and all the construction and repair work has been completed;
- Social infrastructure. You will not have to wait for all the necessary amenities in the new quarter. If, for example, you buy a second home in the heart of the city, you will be settling in a residential area where everything is already available for a comfortable life;
- The opportunity to buy a secondary property in Dubai with renovations;
- A lower price. As a rule, secondary real estate prices in Dubai are lower than the prices for similar real estate in new buildings, making it more affordable.
The current situation in the Dubai real estate market
Real estate sales are growing rapidly in the emirate. In the first half of 2022, sales increased by 60% to over 43,000 properties with a total value of AED 115 billion ($31.3 billion). This was 87% more than in the first half of 2021. Business Bay was the leader in sales of ready-made apartments, and Damac Lagoons became the most successful area in housing sales.
The second quarter saw record-high quarterly sales in the local property market: 25,000 transactions. This was a 10% increase from the previous quarter and a 45% increase from the previous year. August was the best month of 2022 with 9,775 deals.
Real estate resale
In terms of real estate investments, housing in the secondary market is in high demand among overseas customers and locals. According to Property Monitor, about 30-40% of property transactions are stable resale real estate in Dubai.
Thus, in the first quarter, the share of the secondary property for sale in Dubai, the UAE, in total sales went from 29.8% in January to 35.1% in March and from 40.3% in April to 43.6% in June in the second quarter. In July-August, it was 42.4% and 36.9%, respectively.
According to alternative data from practicing experts, in the first quarter of 2022, the secondary market dominated the real estate sector. It accounted for about 58% of the total volume of deals, while the primary property market was only 42%.
In the first half of the year, the most successful areas for apartment sales in the secondary real estate market were:
- Emaar Beachfront;
- Burj Royale;
- Jumeirah Gate Towers;
- MBL Residence;
- Bloom Towers;
- Bloom Heights and various others.
In the villa sector, the leading districts were:
- Emirates Living;
- The Sustainable City;
- Elan in Tilal Al Ghaf;
- Arabian Ranches One;
- Palm Jumeirah;
- Nad Al Shiba Third and others.
In August, the best areas for housing resale transactions were Dubai Marina, Business Bay, Jumeirah Village Circle, and Bloom Towers.
The main buyers of secondary housing
Throughout the first quarter of 2022, the Dubai housing market was dominated by home buyers and investors from such European countries as the UK, Italy, and France. It is important to note the increased activity of Canadian buyers – their number grew by 116% during the first quarter, compared with the figures for the same period the year before.
Pakistani and Indian buyers were also the leaders in the city. The number of investors and end buyers from Russia increased by 65%, ranking the country fifth on the list of leading buyers in the emirate.
By the end of the year, foreign investors from other regions are also expected to enter the market and contribute to its development. In this regard, experts believe that 2022 will be a strong and confident year due to rising prices, increased demand, and a large influx of overseas investment in real estate.
The Ax. Resales website presents secondary housing in Dubai from reputable local developers and proven homeowners in the best locations of the emirate. Contact us to get detailed and in-depth information about the property you are interested in.
Secondary real estate prices
Resale property costs in Dubai can be 10-30% lower than for off-plan real estate. This is due to the increased demand for off-plan properties and the rise in the price of construction materials. The average price to buy a resale property in Dubai is $4,233 per sq. m. The average price of 1 sq. m. of secondary housing in the city center is $6,044.
You can get acquainted with the current prices in euros and dollars for resale real estate in the emirate on the website or with an Ax. Resales specialist.
Buying a secondary property in Dubai
Purchasing secondary real estate for sale in Dubai for foreigners has never been so easy! On the Ax. Resales website, you can get comprehensive information support on transactions and advice from an experienced specialist to enable you to choose a suitable property for investment and permanent residence in the city, and conclude the most profitable deal.