Dubai real estate transactions cross Dhs100bn mark during Jan-Sep this year

Dubai’s real estate sales transactions have crossed the Dhs100bn mark for the year.

Including September 2021, the year to date total equals 43,299 sales transactions worth Dhs104.3bn. During Jan-Sep, the value of real estate sales transactions were 45.15 per cent higher than 2020 as a whole, and is already the highest yearly sales figure since 2017, a statement said.

Meanwhile, September 2021 recorded 5,762 transactions worth Dhs16.2bn, the highest value of real estate sold in a single month since December 2013.

During September, 56 per cent of all transactions were for secondary/ready properties and 44 per cent were for off-plan properties. The off-plan market transacted 2,530 properties worth Dhs5.1bn, the highest value in over 8 years. The secondary market recorded 3,232 transactions worth Dhs11.1bn.

Lynnette Sacchetto, director of research and data at Property Finder, stated: “To date, we have over Dhs104bn in sales transaction value, which is the highest value since 2017 and mortgage transactions are at an all time high year-to-date, breaking all records, and the year hasn’t ended yet.”

“Many end users who have been in the market to purchase have been priced out of the segments they have been looking in, therefore we have seen recent trends where end users have decided to renovate, upgrade and extend their current properties instead. This has caused a shortage in the market of quality contractors with most booked until mid-2022.

“Another interesting, recent trend is in the villa/townhouse segment, where many buyers are being priced out of the bedroom types they are looking for, therefore having to move to the next level below in bedrooms. This has been another reason why prices continue to rise and stay strong in the villa/townhouse segment as the demand is still very prevalent.”

The median price for secondary apartments has increased by 41 per cent over the past year and has increased by 20 per cent for secondary villa/townhouses. The median price for off-plan apartments has increased by more than 15 per cent while villa/townhouses in the off-plan segment have increased by over 10 per cent.