Dubai records property sales transactions worth Dhs14.97bn in Aug 2021

Dubai recorded Dhs14.97bn in real estate sales transactions in August this year, the highest value in a month since January 2017.

A total of 5,780 transactions were also recorded, making August the second best month since December 2013 for the number of sales transactions.

This brings the year to date total to 37,537 sales transactions worth Dhs88.12bn.

From January to August, the value of real estate sales transactions was 22.61 per cent more than 2020 as a whole.  The entire year of 2020 had 35,401 sales transactions worth Dhs71.87bn.

The off-plan market transacted 2,599 properties worth a total of Dhs4.95bn while the secondary market transacted 3,181 deals worth Dhs10.02bn.

“These figures are a true testament to the strength of Dubai, particularly the residential market. Consumer and investor sentiments are up, which shows the confidence of people, including foreign direct investment into Dubai. With EXPO2020 right around the corner, I expect it to continue to increase,” says Lynnette Sacchetto, director of research and data.

“The off-plan market is back again, thriving, with projects selling out in hours which shows that investors have confidence in the future of Dubai.”

The overall average sales transaction value increased to Dhs2.58m in August, an increase of 1.57 per cent when compared to July 2021. Secondary/ready average transaction value increased to Dhs3.14m, marking an increase of 5.91 per cent and off-plan average transaction value decreased by 1.3 per cent to Dhs1.9m.

According to proprietary Property Finder demand data, the top areas of transactions in the month of August 2021 for villas/townhouses were the Arabian Ranches 3, Dubai Land, Dubai South, Tilal al Ghaf and Damac Hills 2. As for apartments for the same period, the top areas of interest were Business Bay, Jumeirah Village Circle, Dubai Harbour, Mohammed bin Rashid City and Downtown Dubai.