Dubai real estate market records the highest sales in eight months
The real estate market in Dubai returned during the current month of August to its growth levels that it has been recording since the end of last year, after the relative calm that it witnessed last July, which was interspersed with the Eid Al-Adha holiday. August recorded the second largest number of completed real estate deals, after June 2021, since December 2013.
August is the best year for Dubai's residential property market compared to the same month over the previous 12 years, with 5,780 transactions worth AED 14.97 billion.
This brings the total transactions completed since the beginning of the year to 37,537, valued at AED 88.12 billion. The value of real estate transactions during eight months exceeded all transactions completed in the previous year by 22.61%, as the sector recorded 35,401 deals worth 71.87 billion dirhams in 2020.
Last July, the secondary/ready market attracted 55 percent of the total deals, compared to 45 percent for the off-plan real estate market. By examining the volume of recorded transactions, the percentage of off-plan sales increased by 5% on a monthly basis.
With regard to the volume of deals, the off-plan real estate market sales included 2,599 properties with a total value of AED 4.95 billion, which is the highest value of off-plan sales deals in the Dubai real estate market in more than 11 years, as the market did not witness this financial momentum in the off-plan real estate market. Since the beginning of the 2009-2010 season, the secondary market has also recorded the completion of 3,181 deals worth AED 10.02 billion.
Commenting on this topic, Lynette Sacheto, Director of Research and Data at Property Finder, said: “These figures confirm the strength that characterizes Dubai, especially in the residential real estate market, where consumer and investor sentiment has risen in a clear indication of the confidence of individuals in investing in the sector, including Including foreign investors in Dubai. In this context, the Dubai government has made exceptional efforts by adopting a proactive approach, implementing appropriate laws and motivating individuals to invest. With the start of the Dubai Expo event approaching, I expect these positive numbers to continue to grow."
"The off-plan real estate market is booming, as many projects are sold out hours after their launch, which indicates investor confidence in Dubai's future," Sacheto added.
The average total transaction value amounted to AED 2,589,938, an increase of 1.57% compared to July 2021;
While the average value of transactions in the secondary/ready market amounted to 3,149,857 AED, an increase of 5.91%;
In the off-plan real estate market, 1,904,635 dirhams, an increase of 1.3%.
According to demand data released by Property Finder, sales of villas and townhouses during August 2021 were concentrated in Arabian Ranches 3, Dubailand, Dubai South, Tilal Al Ghaf and Damac Hills.
As for the most prominent areas that were the focus of consumers' attention in the category of apartments during the same period, they included Business Bay, Jumeirah Village Circle, Dubai Harbor, Mohammed Bin Rashid City and Downtown Dubai.
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